With a dramatic increase in net new investment during the first quarter of 1996 and strong market performance, particularly in emerging markets, total collective investment funds under management in Guernsey rose by £1. 1 billion to a record high of £13.9 billion at 31 March 1996, an increase of 8.6% from the previous quarter.
The net asset value ("NAV") of authorised open-ended schemes rose by £720 million to a new high of £9.1 billion. That of closed-ended funds rose by £381 million, reaching a high of £4.8 billion. Thus both types of fund increased in value by 8.6%.
Although the total number of open-ended funds fell by five from the previous quarter, largely due to end-of-year suspensions of existing funds, there was one new fund authorised - an open-ended umbrella fund. Six new closed-ended schemes received consent during the period.
Net sales of £331 million in the quarter particularly underscores interest in open-ended schemes. This trend continues, with twelve applications for open-ended funds in the pipeline, mostly to invest in emerging markets.
Growth in Guernsey's investment business sector has steadily increased over the past twelve months. The total number of funds has risen to 335 (up from 311 at end March 1995) and assets under management have increased by 3 1 % over the same period.
An Appendix which summarises and analyses the returns is below.
Enquiries to:
Nigel Taylor, Superintendent of Investment Business
Tel: (01481)712706
Tammy Menteshvili, Deputy Superintendent of Investment Business
Tel: (01481)712706
La Plaiderie Chambers, La Plaiderie, St. Peter Port, Guernsey, Channel Islands, GY1 1WG
APPENDIX
Guernsey Collective Investment Funds: Statistics
1. OPEN-ENDED SCHEMES
NOTES
Class A schemes are those which meet the Commission's Collective
Investment Scheme Rules 1988 and are thereby eligible for recognition by the UK Securities and Investments Board for sale to the public in the United Kingdom by virtue of Guernsey's designation under Section 87 of the Financial Services Act 1986.
Class B schemes are also authorised under the Protection of Investors Law 1987, and are subject to the Collective Investment Schemes (Class B) Rules 1990.
OEIC - open-ended investment companies/UT - unit trusts
2. CLOSED-ENDED SCHEMES
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
For further information contact Peter Crook on Tel: +44 (0) 1481 712706, Fax: +44 (0) 1481 712010.
The net asset value ("NAV") of authorised open-ended schemes rose by £720 million to a new high of £9.1 billion. That of closed-ended funds rose by £381 million, reaching a high of £4.8 billion. Thus both types of fund increased in value by 8.6%.
Although the total number of open-ended funds fell by five from the previous quarter, largely due to end-of-year suspensions of existing funds, there was one new fund authorised - an open-ended umbrella fund. Six new closed-ended schemes received consent during the period.
Net sales of £331 million in the quarter particularly underscores interest in open-ended schemes. This trend continues, with twelve applications for open-ended funds in the pipeline, mostly to invest in emerging markets.
Growth in Guernsey's investment business sector has steadily increased over the past twelve months. The total number of funds has risen to 335 (up from 311 at end March 1995) and assets under management have increased by 3 1 % over the same period.
An Appendix which summarises and analyses the returns is below.
Enquiries to:
Nigel Taylor, Superintendent of Investment Business
Tel: (01481)712706
Tammy Menteshvili, Deputy Superintendent of Investment Business
Tel: (01481)712706
La Plaiderie Chambers, La Plaiderie, St. Peter Port, Guernsey, Channel Islands, GY1 1WG
APPENDIX
Guernsey Collective Investment Funds: Statistics
1. OPEN-ENDED SCHEMES
At Number of Value of Number of
Authorised Schemes Registered
Schemes Holders
31 Dec 1989 123 2,563 60,054
31 Dec 1990 156 3,069 67,767
31 Dec 1991 153 4,297 61,524
31 Dec 1992 158 5,462 68,721
31 Mar 1993 169 5,957 80,264
30 Jun 1993 174 6,166 82,702
30 Sep 1993 185 7,217 84,839
31 Dec 1993 194 8,310 88,721
31 Mar 1994 186 8,630 92,070
30 Jun 1994 194 8,358 90,442
30 Sep 1994 199 8,350 95,473
31 Dec 1994 201 7,879 93,660
31 Mar 1995 198 7,441 92,924
30 Jun 1995 198 8,010 98,536
30 Sep 1995 200 8,142 100,447
31 Dec 1995 194 8,389 103,853
31 Mar 1996 189 9,108 105,847
During quarter Sales Repurchases Net Investment
ended (£mn) (£mn) (£mn)
31 Dec 1989 512 260 252
31 Dec 1990 409 183 226
31 Dec 1991 619 263 356
31 Dec 1992 693 692 1
31 Mar 1993 915 801 114
30 Jun 1993 862 817 45
30 Sep 1993 1,124 706 418
31 Dec 1993 1,251 592 659
31 Mar 1994 1,404 975 429
30 Jun 1994 770 691 79
30 Sep 1994 652 700 (48)
31 Dec 1994 508 725 (217)
31 Mar 1995 499 619 (120)
30 Jun 1995 824 609 215
30 Sep 1995 622 579 43
31 Dec 1995 761 715 46
31 Mar 1996 1,116 785 331
ANALYSIS BY TYPE, CLASS, ETC AT 31 MARCH 1996Securities Schemes 84 20 64 52 32 30 Umbrella Funds 71 17 54 47 24 16 Govt & other Public Funds 13 5 8 6 7 1 Funds of Funds 6 1 5 6 - - Futures & Options Funds 3 - 3 3 - 1 Money Market Funds 3 1 2 2 1 - Feeder Funds 2 1 1 1 1 1 Other 7 - 7 3 4 2 TOTAL 189 45 144 120 69 51* comprising 412 sub-funds
NOTES
Class A schemes are those which meet the Commission's Collective
Investment Scheme Rules 1988 and are thereby eligible for recognition by the UK Securities and Investments Board for sale to the public in the United Kingdom by virtue of Guernsey's designation under Section 87 of the Financial Services Act 1986.
Class B schemes are also authorised under the Protection of Investors Law 1987, and are subject to the Collective Investment Schemes (Class B) Rules 1990.
OEIC - open-ended investment companies/UT - unit trusts
2. CLOSED-ENDED SCHEMES
At Number of Value of Number of Stock-Exchange
Schemes Schemes Registered Listed
Holders
31 Dec 1990 55 1,341 5,690 N/A
31 Dec 1991 68 2,111 6,069 27
31 Dec 1992 78 2,829 6,221 31
31 Mar 1993 79 2,824 6,455 31
30 Jun 1993 80 3,047 7,106 32
30 Sep 1993 84 3,149 5,916 32
31 Dec 1993 86 3,763 5,972 33
31 Mar 1994 89 3,643 6,332 35
30 Jun 1994 96 3,620 6,479 36
30 Sep 1994 101 3,574 6,773 36
31 Dec 1994 107 3,596 6,992 38
31 Mar 1995 113 3,225 7,760 39
30 Jun 1995 120 3,908 8,167 42
30 Sep 1995 124 4,056 7,547 42
31 Dec 1995 140 4,447 8,096 43
31 Mar 1996 146 4,828 8,392 45
3. TOTAL FUNDS UNDER MANAGEMENTAt Number of Value of Number of Stock-Exchange
Schemes Schemes Registered Listed
Holders
31 Dec 1990 211 4,410 73,457 N/A
31 Dec 1991 221 6,408 67,593 59
31 Dec 1992 236 8,291 74,942 64
31 Mar 1993 248 8,781 86,719 65
30 Jun 1993 254 9,213 89,808 66
30 Sep 1993 269 10,366 90,755 68
31 Dec 1993 280 12,073 94,693 72
31 Mar 1994 275 12,273 98,402 78
30 Jun 1994 290 11,978 96,921 82
30 Sep 1994 300 11,924 102,246 84
31 Dec 1994 308 11,475 100,652 90
31 Mar 1995 311 10,666 100,684 90
30 Jun 1995 318 11,918 106,703 93
30 Sep 1995 324 12,198 107,994 93
31 Dec 1995 334 12,836 111,949 94
31 Mar 1996 335 13,936 114,239 96
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
For further information contact Peter Crook on Tel: +44 (0) 1481 712706, Fax: +44 (0) 1481 712010.
