Underlying Growth of Guernsey Funds Set to Continue

(Investment Business Update Special November 1996)

The third quarter statistics have just been published and they indicate that Guernsey funds are stable following a rather volatile third quarter. The net asset value ("NAV") of collective investment funds under management in Guernsey were slightly down in the third quarter, largely due to the effects of currency exchange rates at the end of the period and a decline in equity market performance in some emerging economies. Funds under management totalled £14.6 billion, down £151 million (1.0%) from the previous quarter. The overall total number of funds has returned to the level set at the end of March this year (335) but the underlying value of funds has increased 5.1% since that period.