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,”...
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