Guernsey's financial services regulator approved 33 new
investment funds during the third quarter of 2013.
Figures released today by the Guernsey Financial Services Commission (GFSC)
show that it approved five open-ended funds, 19 closed-ended funds
and nine non-Guernsey schemes* between the start of June and the
end of September this year.
Taking into account licences rescinded, there was net growth of
17 funds during the period.
However, the net asset value of funds under management and
administration fell by £19 billion (6.6%) to £267
billion at the end of September. That represents a decline of
£7.4 billion (2.7%) year on year.
This was partly due to the pound strengthening against the US
Dollar and Euro, which had a large negative effect on fund values
when expressed in Sterling terms, but also a result of general
financial conditions, where concerns around emerging economies
impacted both equity and bond markets in the third quarter.
