Press Release - Guernsey's Fund Sector Continues Its Steady Growth

A total of 23 new funds were approved during the first quarter of 1998 (compared to 21 over the same period last year) with the total number of Guernsey funds under management at 31 March reaching a record high of 383. The total value of funds under management at 31 March 1998 increased by £134 million to £16.7 billion and the total number of investors reached a new high of 128,989.

In the open-ended sector (see endnote 1) the net asset value ("NAV") of Guernsey authorised funds increased by 3% over the quarter to a total value of £11.6 billion. The number of authorised funds increased by a net 6 of which 4 were protected cell companies (see endnote 2), while the number of active investment pools rose by a net 12 to 517. During the quarter 3 fund sponsors (from Switzerland, South Africa and the United Kingdom) not previously represented on the Island launched a Guernsey authorised open-ended fund.