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.
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