Guernsey Funds Sector Demonstrates Stability Over Third Quarter

Guernsey's financial services regulator has approved 42 new investment funds for the second quarter in succession, resulting in a total of 140 additions during the 12 months to the end of September.

Figures from the Guernsey Financial Services Commission (GFSC) show that 30 new funds were approved during the fourth quarter of 2013, 26 in the first quarter of 2014 and 42 during both the second and third quarters of this year.

Overall, the net asset value of all funds under management and administration in Guernsey fell by £0.4 billion (1.1%) during the third quarter to £260.9 billion at the end of September.

Dominic Wheatley, Chief Executive of Guernsey Finance - the promotional agency for the Island's finance industry, said: "It is encouraging to see that Guernsey continues to attract new funds and that both the open-ended and closed-ended funds sectors grew in value during the last quarter. The figures demonstrate the solidity and stability of our funds