9 Mar 2010
Figures show that the value of investment funds in Guernsey increased by £2.7bn (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 £184.2bn at the end of December 2009.
Despite the fact that this is a decline of £16.2bn (8.1%) from the end of December 2008 for the year, the new figures are being seen as a sign of recovery for the funds sector.
Ben Morgan, partner at Carey Olsen, said that the results supported the growing optimism recently shown by many practitioners in the island.
Guernsey domiciled closed-ended funds reached a net asset value of £85.4bn at the end of December, which was a rise of £4.3bn (5.3%) during the quarter but a decline of £6.1bn (6.7%) year on year.
The Guernsey open-ended sector was valued at £50.7bn by the end of the year – down £800m (1.4%) during the final three months of 2009 and falling £12.9bn (20.3%) compared to twelve months ago.
There was a decrease of £800m (1.6%) to £48.1 billion over the first quarter for non-Guernsey schemes for which some aspect of management, administration or custody is carried out in the Bailiwick - 6.2% higher that the value at the end of December 2008.
The Guernsey Financial Services Commission figures showed that the gross asset value of all Guernsey funds reached £220.7bn at the end of December, an increase of £3.5bn (1.5%) from the end of September, which was the second quarter for reporting those gross figures.
Within the investment management and stockbroking sector, 80 respondents confirmed gross assets under management of £47.1bn.
The second successive quarter of growth takes the total value of funds business in the island to £184.2bn at the end of December 2009.
Despite the fact that this is a decline of £16.2bn (8.1%) from the end of December 2008 for the year, the new figures are being seen as a sign of recovery for the funds sector.
Ben Morgan, partner at Carey Olsen, said that the results supported the growing optimism recently shown by many practitioners in the island.
“Certainly, we are seeing increasing interest from sponsors and promoters looking to establish alternative investment funds. Guernsey has positioned itself extremely well for a recovery in the alternative investment funds sector, having established a solid reputation over the years. ” Morgan said.
“In the last quarter of 2009 Carey Olsen acted on the establishment of Better Capital’s listed fund and we have a number of private equity funds scheduled for launch in the next three months and further capital raisings. The mood would appear to be much more optimistic, which bodes well for 2010.”
Guernsey domiciled closed-ended funds reached a net asset value of £85.4bn at the end of December, which was a rise of £4.3bn (5.3%) during the quarter but a decline of £6.1bn (6.7%) year on year.
The Guernsey open-ended sector was valued at £50.7bn by the end of the year – down £800m (1.4%) during the final three months of 2009 and falling £12.9bn (20.3%) compared to twelve months ago.
There was a decrease of £800m (1.6%) to £48.1 billion over the first quarter for non-Guernsey schemes for which some aspect of management, administration or custody is carried out in the Bailiwick - 6.2% higher that the value at the end of December 2008.
The Guernsey Financial Services Commission figures showed that the gross asset value of all Guernsey funds reached £220.7bn at the end of December, an increase of £3.5bn (1.5%) from the end of September, which was the second quarter for reporting those gross figures.
Within the investment management and stockbroking sector, 80 respondents confirmed gross assets under management of £47.1bn.
