Guernsey Funds Stable Following Volatile Third Quarter

For immediate use

The net asset value ("NAV" ) of collective investment funds under management in Guernsey were slightly down in the third quarter, largely due to the effects of currency exchange rates at the end of the period and a decline in equity market performance in some emerging economies. Funds under management totalled £14.6 billion, down £151 million (1.0%) from the previous quarter. The overall total number of funds has resumed to the level set at the end of March this year (335) but the underlying value of funds has increased by 5.1 % since that period.

There was encouraging news in the open-ended sector in that although the number of authorised funds has been reduced by a net figure of five funds, the departure of some eight retail funds and the suspension of two further funds (at their managers' request) has been countered by five new fund authorisations and net new investment of £358 million in the existing funds. The overall "NAV" of open-ended funds remained