guernsey and jersey have growing value of funds under management
Both Guernsey and Jersey enjoyed strong growth in fund assets under management in the second quarter of 2006.
In Guernsey, funds under management and administration grew by £3.4bn (3%) over the quarter ended 30 June to reach a total of £114.8bn. For the year since 30 June 2005, values increased by £30.7bn, an increase of 36.5%.
Within these totals, Guernsey-domiciled open-ended funds grew by £479m (0.9%) over the quarter and by £12.4bn (30%) over the year since 30 June 2005 to reach a new record total of £53.9bn. Closed-ended funds also grew, with increases of £4.8bn (14.2%) over the quarter and £13.4n (53.5%) over the year since 30 June 2005, to reach £38.6bn, also a new record.
The value of non-Guernsey schemes, for which some aspect of management or administration is conducted in the Baliwick, fell during the quarter by some £1.8bn (7.6%) to £22.2bn. This decrease resulted from the impact of market movements on hedge funds during the quarter. In the year since 30 June 2005 the value of non-Guernsey schemes has risen by 28%.
Meanwhile, by the end of June 2006, a total of 58 qualifying investor funds had been approved since launch of the scheme on 7 February 2005.
In Jersey, value of funds under administration grew by £3.7bn to £159.7bn. The total value of funds under investment management increased by £0.8bn to £59.1bn.
Meanwhile, the number of new expert funds established on the island increased by more than 26% in the last quarter from 169 to 214. The total value of expert funds grew by £3.8bn to £21.7bn.
Activity at the Companies Registry remains buoyant with a total of 875 new company incorporations during the quarter.key points
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