Guernsey's funds industry is seeing a number of new
inquiries so far this year and expects to see a rise in the value
of the sector before the end of the year, following a decline in
the first quarter's statistics.
Latest figures from the Guernsey Financial Services Commission (GFSC)
showed the net asset value of funds business in the island declined
by 2.9% (£8 billion) during the quarter, with total assets
under management and administration amounting
to £262.5 billion. But the underlying trend is positive,
with £40 billion growth over the past three years.
The decline was led by the winding up of non-Guernsey schemes
– funds not domiciled in the island but with some aspect of
management, administration or custody carried out locally –
which fell by £7.6 billion, with a number of funds reaching a
planned winding up, while the NAV of Guernsey-based schemes has
increased by £1.4 billion to £209.7 billion over the
previous 12 months.
