1998 Ends On Positive Note For Guernsey Fund Industry

Following falls in funds under management over the second and third quarters, reflecting volatile international stock markets, particularly in Asia and Russia, the last quarter reversed the trend with the value of assets under management increasing by just under £ 1 billion (6.6%) to reach £15. 7 billion at 31 December 1998.

The total number of funds (393), closed-ended funds (202), investment pools (53 8), funds listed on international stock exchanges (109) and non-Guernsey schemes serviced from Guernsey (117) also reached new highs at year-end.

During the year 21 fund sponsors not previously represented launched new products and Guernsey is now the chosen domicile for international fund sponsors from 37 countries, the latest addition being Iceland.