Guernsey funds increase year-on-year 28 September 2016St Peter Port Reporter: Becky Butcher
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The net asset value of all funds under management and administration in Guernsey stood at £247.1 billion at the end of June 2016, an increase of £9.1 billion since the end of March, according to the Guernsey Financial Services Commission (GFSC).
The GSFC also revealed the total value of funds in Guernsey increased by £27.2 billion, or 12.3 percent, as of the end of June this year.
Guernsey Finance CEO Dominic Wheatley suggested that the results “demonstrate confidence in Guernsey’s fund sector”.
Wheatley said: “Exchange rate factors since Brexit have played some part in this increase, but we also saw some large fund launches in Q2 which played a significant role in the overall increase in the value of funds under management in Guernsey.”
“What is equally encouraging is that closed-ended funds, open-ended funds and non-Guernsey schemes have all witnessed a substantial rise in their respective positions compared with the same point in 2015.”
In addition, Guernsey closed-ended funds increased by £3.8 billion to £153.4 billion during Q1, representing an increase of £18 billion from the previous year.
There was also a rise in Guernsey open-ended funds, with an increase of £900 million to £41.3 billion. This figure represented an increase of £2.2 billion on the 2015 figure.
According to the GFSC, Guernsey’s financial sector approved 19 new investment funds during the Q2, comprising 13 closed-ended funds, one open-ended fund and five non-Guernsey schemes. The total number of approved investment funds now stands at 1,009.
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