Guernsey Funds Buck The Trend

Guernsey's funds industry is outperforming some of its nearest competitors, according to Peter Niven, Chief Executive of Guernsey Finance.

Figures show that the value of funds under management and administration in Guernsey reached £207.2bn at the end of June 2008 – up £3.4bn (1.7%) over the quarter and £51.6bn (33%) year on year despite the difficult market conditions.

By comparison, the value of Jersey's funds business shrank by £1.8bn (0.7%) during the second quarter of this year to reach £244.2bn at the end of June. This is a rise of £33.8bn (16%) since the end of June 2007.

At that time Jersey had £54.8bn more funds business than Guernsey but one year later and that gap has narrowed to just £36.9bn.