The uncertainty in the Eurozone and subsequent upheaval in the international markets appears to have impacted on Guernsey Funds with the net asset value of total funds under management and administration decreasing by £3.4 billion (-1.2%) over the quarter ended 30 September 2011 to £271.1 billion.  However, for the year since 30 September 2010, total net asset values increased by £27.9 billion (11.5%).

 

Within these totals, Guernsey domiciled open-ended funds decreased by £1.6 billion (-2.7%) over the quarter to £57 billion.  This, however represents an increase of £3.9 billion (7.3%) over the year since 30 September 2010.  The closed-ended sector saw growth over the quarter, with an increase of £3.4 billion (2.8%) to reach £125.7 billion.  This represents an increase of £19.8 billion (18.7%) over the year since 30 September 2010. Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £5.1 billion (-5.5%) over the quarter to £88 billion.  Since 30 September 2010 the net asset value of this sector has increased by £4.2 billion (5.1%).

The gross asset value of Guernsey open-ended funds as at 30 September 2011 was £69.6 billion, implying an average gearing level of 21.1%.  The gross asset value represents a decrease of some £1.1 billion since 30 June 2011. In the closed-ended sector, the gearing level is lower, with gross asset values of £142.6 billion (June 2011: £139.7 billion) implying a gearing level of 13.4%.  The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 11.6%, based on gross asset values of £98.2 billion (June 2011: £ 101.6 billion). 

 

The detailed statistics are available here.

 

 

 

Since 2009 when the Commission first started to collect statistical returns from the non-fund sectors the number of returns from licensees has grown each quarter. 

 

Returns were provided by 114 firms (June 2011: 110) confirming:

 

Gross Assets under Management:      £85.1 billion               (June 2011: £81.4 billion)

Turnover of Stockbroking Activities:  £548.0 million             (June 2011: £430.8 million)

Number of Accounts:                          10,921                        (June 2011: 10,717)

 

 

 

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:    Carl Rosumek, Director of Investment Business

                        Emma Bailey, Deputy Director of Investment Business

 

Tel: (01481) 712706             Fax: (01481) 726952

International Dialling Code: +44 1481

E-mail: ebailey@gfsc.gg

 

December 2011