Total collective investment funds under management rose by nearly 1% over the third quarter to reach a new high of £19.1 billion. A modest fall of £296 million (2.3%) to £12.2 billion in the value of open-ended funds was more than offset by a rise of £470 million (7.3%) to £6.9 billion in closed-ended funds under management.
Further growth in the closed-ended sector is expected following the recent initiative to extend the permitted use of protected cell companies to include closed-ended collective investment funds.
New business was brisk over the quarter ended 30 September 1999 with the total number of Guernsey funds increasing by a net 14 to a peak of 423, the largest increase recorded since the quarter ended 31 December 1997.
