Guernsey Funds Sector Continues To Grow
by Jason Gorringe, Lowtax.net, London
16 June, 2016
Figures released by the Guernsey Financial Services Commission show continued growth for Guernsey-based funds.
Net assets under management and administration increased by GBP10.4bn (USD14.7bn) over the quarter ended March 31, 2016, a rise of 4.6 percent.
For the year since March 31, 2015, total net asset values increased by GBP15.8bn to total GBP238bn, an annual increase of 7.1 percent.
Within these totals Guernsey-domiciled open-ended funds grew by 3.58 percent over the quarter but were down 1.7 percent year-on-year. The closed-ended sector grew by 6.4 percent over the quarter and had increased by 10.89 percent over the year since March 31, 2015.
Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in Guernsey, decreased by 0.1 percent. Since March 31, 2015, the net asset value of this sector has increased by GBP1.8bn, up 4.62 percent.
Guernsey Finance Chief Executive, Dominic Wheatley, said: "It is encouraging that our funds business remains robust in difficult trading conditions. The latest figures mark the third consecutive quarter that we have seen an overall increase in the value of funds under management. I am particularly pleased to see a return to positive growth in the open-ended funds sector."
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