Guernsey funds under management and administration fell by £5.8bn during the third quarter of 2008, according to the latest statistics released by the island.
The figures represent a 2.8% drop and take the total value of funds in Guernsey to £201.4bn.
The total value of closed-ended funds domiciled on the island actually rose by 1.3% - up £1.1bn to £85.9bn. But this was offset by an £8bn drop in open-ended funds, down 10.8% to £65.7bn.
The drop was blamed on global market conditions, although Peter Niven, chief executive of GuernseyFinance, admitted that the figures could get worse: “The statistics are to the end of September and therefore don’t take into account the effect of further asset falls we have seen across the world during October,” he said.
Havensrock Thrive App
Don’t ‘leave it all on the pitch’
21 firms in total
PA360 2019 conference
Latest news and analysis