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Guernsey Funds Industry Recovers In Q3 2009

by Jason Gorringe, Tax-News.com, London

08 December 2009


The funds sector in Guernsey has shown definite signs of recovery, according to statistics released by the Guernsey Financial Services Commission. While funds under management remain below 2008 levels, the industry experienced resurgence in the quarter ending September 30, 2009.

The net asset value of total funds under management and administration grew by GBP11.9bn (7%) over the quarter ended September 30, 2009, to GBP181.5bn. Year-on-year, total net asset values have decreased by GBP19.9bn (9.9%).

Within these totals, Guernsey domiciled open-ended funds increased by GBP900m (1.2%) over the quarter to reach GBP51.5bn, down GBP14.2bn (21.6%) on that recorded in September 30, 2008. The closed-ended sector saw significant growth over the quarter, with an increase of GBP7.2bn (9.7%) to reach GBP81.1bn, down GBP4.8bn (5.6%) year-on-year.

Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, increased by GBP3.8bn (8.4%) over the quarter to reach GBP48.9bn. Since September 30, 2008 the net asset value of this sector has fallen GBP900m, or 1.8%.

The gross asset value of Guernsey open-ended funds as at September 30, 2009, was GBP59.2bn, implying an average gearing level of some 15%. The gross asset value represents an increase of GBP2.2bn since June 30, 2009 (the first quarter for which this information was reported to the Commission).

In the closed-ended sector, as would be expected, the gearing level remains higher, gross asset values of GBP102bn (June 2009: GBP97bn) implying a gearing level of just over 25%. The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 14%, based on gross asset values of GBP56bn (June 2009: GBP48bn).


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