Funds Make New Records

The value of Guernsey funds under management increased strongly during the first quarter with the total value of funds under management rising 15% to a record £15.4 billion.

In the open-ended sector the net asset value of funds ("NAV") was £10.3 billion, an increase of 14.6%. The sector remained buoyant with record sales of £1.5 billion and net new investment totalling £751 million - another record. There was an increase of nearly 4% in the number of registered investors to 111,380 worldwide.

Seven fund promoters/sponsors, not previously represented in the Island, launched Guernsey authorised funds during the quarter.

The closed-end sector was equally buoyant with the value of funds under management increasing by 15.6% to a total of £5.1 billion.