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Guernsey Funds Sector Contracts

by Jason Gorringe, Lowtax.net, London
23 September, 2015

The net asset value of total funds under management and administration in Guernsey decreased in sterling terms over the quarter ended June 30, 2015, by one percent to GBP219.9bn (USD336.57bn).

For the year since June 30, 2014, total net asset values decreased by GBP41.4bn, or by 15.8 percent.

Guernsey domiciled open-ended funds decreased by 4.9 percent over the quarter. This represents a decrease of 3.9 percent over the year since June 30, 2014.

The closed-ended sector increased over the quarter by 0.3 percent but this still represents a decrease of 0.2 percent over the year since June 30, 2014.

Non-Guernsey schemes, for which some aspect of management, administration, or custody is carried out in the territory, decreased by two percent over the quarter. Since June 30, 2014, the net asset value of this sector has decreased by 46.6 percent.

The gross asset value of Guernsey open-ended funds as at June 30, 2015, was GBP51.9bn implying an average gearing level of 32.7 percent. This represents a decrease of GBP2.8bn.

In the closed-ended sector, the gearing level is lower, with gross asset values of GBP148.7bn, implying a gearing level of 9.8 percent.

The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 1.3 percent.

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