Guernsey Funds Continue Upward Growth

FOR IMMEDIATE USE

Collective investment funds under management in Guernsey made an impressive leap in the second quarter of 1996 reaching an all time high of £14.8 billion, up £858 million (6.2%) from the previous quarter.

The most significant increase was in authorised open-ended schemes where total net asset value rose by £661 million to a record level of £9.8 billion, up 7.3% from the previous quarter. Eight new open-ended funds were authorised, one of which saw the introduction of a new Swiss promoter for a derivatives fund aimed at professional and institutional investors. There was a net increase of five new funds in the quarter owing to three suspensions of existing funds (at their managers' request). As with the previous quarter, net new investment was again very positive at £3 56 million continuing the trend of strong investor interest in open-ended schemes noted at the beginning of the year, particularly emerging market funds.