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Guernsey Funds Value Increases, by Amanda Banks, Tax-News.com, London
Wednesday, March 10, 2010
End of year figures released on March 8, by Guernsey Finance – the promotional
agency for the island’s finance industry, show that the value of investment
funds in Guernsey increased by GBP2.7bn (1.5%) during the final three months
of last year.
The second successive quarter of growth takes the total value of funds business
in the island to GBP184.2bn (USD278.6bn) at the end of December 2009. Despite late growth,
over the full calendar year, total funds business declined by GBP16.2bn (8.1%)
from end-2008.
“We can continue to be cautiously optimistic about our funds sector,”
said Peter Niven, Chief Executive of Guernsey Finance. “Although we have
seen overall business decline by some 8% during the last calendar year, it must
be remembered that this comes in the wake of a severe global financial crisis.”
“Our performance has outstripped some of our closest competitors and
the fact that we have had two consecutive quarters of growth to the end of the
year points again to a slow climb out of the general trough of 2008/9.”
“Our funds industry is proving robust throughout changing economic conditions
and this final quarter of growth represents a positive move forward. It is another
step down a long road to recovery but with increasing confidence in the markets,
we hope that this will continue through 2010.”
Guernsey domiciled closed-ended funds reached a net asset value of GBP85.4bn
at the end of December, which was a rise of GBP4.3bn (5.3%) during the quarter
but a decline of GBP6.1bn (6.7%) year on year.
The Guernsey open-ended sector was valued at GBP50.7bn by the end of the year
– down GBP800mn (1.4%) during the final three months of 2009 and falling
GBP12.9bn (20.3%) compared to twelve months ago.
Non-Guernsey schemes, where some aspect of management, administration or custody
is carried out in the island, decreased by GBP800mn (1.6%) during quarter three
to reach GBP48.1bn although this is GBP2.8bn (6.2%) higher than the value at
the end of December 2008.
The figures issued also show that the gross asset value of all Guernsey funds
reached GBP220.7bn at the end of December. This is a rise of GBP3.5bn (1.5%)
from the end of September, which was the second quarter for reporting those
gross figures.
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