The net asset value of total funds under management and administration grew by £18.9 billion (8.4%) over the quarter ended 30 September 2010 to £243.1 billion.  For the year since 30 September 2009, total net asset values increased by £61.6 billion (33.9%).

 

Within these totals, Guernsey domiciled open-ended funds increased by £0.2 billion (0.4%) over the quarter to reach £53.5 billion.  This represents an increase of £2 billion (3.9%) over the year since 30 September 2009.  The closed-ended sector saw growth over the quarter, with an increase of £11.9 billion (12.7%) to reach £105.9 billion.  This represents an increase of £24.8 billion (30.6%) over the year since 30 September 2009. Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, increased by £6.8 billion (8.8%) over the quarter to £83.7 billion.  Since 30 September 2009 the net asset value of this sector has increased by £34.8 billion (71.2%).  The significant increase in the value of these funds over the past year results from the large number of non-Guernsey schemes that entered into service level agreements with local licensees during the second quarter of 2010.

The gross asset value of Guernsey open-ended funds as at 30 September 2010 was £62.3 billion, implying an average gearing level of 16.4%.  The gross asset value represents an increase of some £1.9 billion since 30 June 2010. In the closed-ended sector, as would be expected, the gearing level remains higher, with gross asset values of £125.1 billion (June 2010: £112.4 billion) implying a gearing level of 18.2%.  The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 9.9%, based on gross asset values of £92 billion (June 2010: £ 85.3billion). 

 

The detailed statistics are available here.

 

 

During 2009 the Commission and the investment sector consulted on the introduction of statistical returns for the non-fund sector and this is the fifth quarter for which the results are available.

 

Returns were provided by 97 firms (June 2010: 90) confirming:

 

Gross Assets under Management:      £71.2 billion                (June 2010: £65.8 billion)

Turnover of Stockbroking Activities:  £491.2 million              (June 2010: £360.9 million)

Number of Accounts:                          10,896                         (June 2010: 10,757)

 

 

 

Gross Assets under Management means the gross assets of all managed accounts held by the licensee.  This will include both discretionary and non-discretionary managed accounts but excludes execution only type business.

 

Turnover of Stockbroking Activities means the value of stockbroking activities undertaken by the licensee during the quarter and includes the total consideration, including commission, relating to these activities.

 

Number of accounts includes the number of clients with which the licensee has an agreement to provide investment business services within the scope of the licence issued under the Protection of Investors (Bailiwick of Guernsey) Law, 1987.  This covers, but is not limited to, discretionary and non-discretionary accounts, advisory accounts, stockbroking accounts and portfolio management accounts.

 

Enquiries to:    Peter Moffatt, Director of Investment Business

 

Tel: (01481) 712706         Fax: (01481) 712010

International Dialling Code:   +44 1481

E-mail:             pmoffatt@gfsc.gg

 

November 2010