The total value of funds business in Guernsey grew by £8.7 billion (3.3%) during the first quarter of the year, which takes the total net asset value of funds under management and administration in the Island to £270.1 billion at the end of March 2012.
New figures from the Guernsey Financial Services Commission (GFSC) show that the first quarter growth follows a drop of just more than £10 billion in the final quarter of last year and has taken the total net asset value of funds under management and administration in the Island to £270.1 billion at the end of March 2012.
Looking at the breakdown, The Guernsey closed-ended sector was valued at £123.9 billion at the end of March – up £4.8 billion (4%) during the first three months of 2012 and up £9.1 billion (7.9%) compared to twelve months earlier.
Guernsey domiciled open-ended funds reached a net asset value of £55.8 billion at the end of March 2012, which was an increase of £0.5 billion (0.9%) during the quarter but down £1.8 billion (3.1%) year on year.
Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the Island, grew by £3.4 billion (3.9%) during the quarter to reach £90.4 billion at the end of March 2012, which is £0.8 billion (0.9%) lower than the value at the end of March 2011.
Overall, the figures represents growth of £6.4 billion (2.4%) year on year.
Fiona Le Poidevin, Deputy Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, said: “It is very pleasing to see that the depreciation in the value of our funds business during the final quarter of last year was almost completely recovered during the first three months of 2012. Looking at the figures, we can see that there was an increase in fund values across the board but the vast majority of the growth can be attributed to a number of closed-ended and non-Guernsey schemes launching during the quarter.”
Horace Camp, the new Chairman of the Guernsey Investment Fund Association (GIFA), said: “It is encouraging to see this growth in the value of Guernsey funds business during the first quarter of the year. The fact that this is largely the result of new business coming to the Island is a major vote of confidence in the standards of our fund administrators, custodians and support services. The general economic malaise, particularly in the Eurozone, does mean that we need to be cautious but this has been a promising start to the year.”
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