Funds Under Management Reach New High

With virtually all major equity and bond markets achieving positive returns in the final quarter of 1995, total collective investment funds under management in Guernsey rose by 5.2% to a record level of £12.8 billion at 31 December.

There was particularly strong growth in the closed-ended sector, with 16 new funds established and an increase in value over the quarter of 9.6% to a high of £4.4 billion.

Although the number of authorised open-ended schemes fell by six, there were in fact a net two new funds authorised, the difference being due to the merger of eight existing authorised schemes into an existing umbrella fund. The number of classes of umbrella funds rose from 381 to 412. Investment flows remained positive, with net sales of £46 million virtually unchanged from the previous quarter. At 31 December funds under management totalled £8.4 billion, up 3%.