Guernsey funds grow by £8.7 billion 25 May 2012Guernsey Reporter: Georgina Lavers
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The total value of funds business in Guernsey grew by £8.7 billion, or 3.3 percent, during 1Q 2012.
1Q growth follows a drop of over £10 billion in the final quarter of last year and has taken the total net asset value of funds under management and administration in the Island to £270.1 billion at the end of March 2012, reported the Guernsey Financial Services Commission (GFSC).
Fiona Le Poidevin, deputy chief executive of Guernsey Finance said: “It is very pleasing to see that the depreciation in the value of our funds business during the final quarter of last year was almost completely recovered during the first three months of 2012. Looking at the figures, we can see that there was an increase in fund values across the board but the vast majority of the growth can be attributed to a number of closed-ended and non-Guernsey schemes launching during the quarter.”
Guernsey domiciled open-ended funds reached a net asset value of £55.8 billion, a rise of £0.5 billion during the quarter, but still a drop of £1.8 billion year-on-year.
Non-Guernsey schemes grew by £3.4 billion during the quarter to reach £90.4 billion at the end of the quarter, but decreased by 0.9 percent from the figures recorded in the same period a year prior.
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