Guernsey Funds Hit By Global Market Conditions

The value of Guernsey funds has decreased by £5.8bn (2.8%) during the quarter to the end of September primarily due to the performance of global markets.

The reduction over the three months has taken the total value of funds under management and administration in the Island to £201.4bn.

"These figures are expected given the performance of the global markets during this three month period," said Peter Niven, Chief Executive of Guernsey Finance.

"It must also be remembered that the statistics are to the end of September and therefore don't take into account the effect of further asset falls that we have seen across the world during October. However, the positive side of this is that I expect these reductions to have been regained off the back of improving market conditions through to the end of the year."