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First Quarter 2018

Investment Funds  

The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 31 March 2018 by £7 billion (-2.9%) to £263 billion.  For the year since 31 March 2017, total net asset values decreased by £5 billion (-1.5%). 

Open-ended Funds  

Within these totals Guernsey domiciled open-ended funds decreased by £1.67 billion (-3.8%) over the quarter to £41.8 billion.  This represents a decrease of £2.1 billion (-4.8%) over the year since 31 March 2017.

Closed-ended Funds

The closed-ended sector increased over the quarter by £1.39 billion (0.84%) to £167.8 billion.  This represents an increase of £3.5 billion (2.15%) over the year since 31 March 2017.

Non-Guernsey Schemes

Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £7.6 billion (-12.5%) over the quarter to £52.8 billion.  Since 31 March 2017, the net asset value of this sector has decreased by £5.5 billion (-9.43%).

Gross Asset Values and Gearing

The gross asset value of Guernsey open-ended funds as at 31 March 2018 was £56.3 billion, implying an average gearing level of 29%.  The gross asset value represents an increase of £1 billion since 31 December 2018.

 In the closed-ended sector, the gearing level is lower, with gross asset values of £182.3 billion (December 2017: £185 billion) implying a gearing level of 8.28%.

 The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 0.37%, based on gross asset values of £53 billion (December 2017: £60.7 billion).

 

Open Ended Schemes

Date
Number of Authorised/Registered Schemes
Net Asset Value of Schemes (£mn)
Number of Registered Holders
Total Value of Sales (£mn)
Total Value of Repurchases (£mn)
Net New Investment (£mn)
Gross Asset Values (£mn)
31 March 2017151-3.8%43,941+3.9%32,473-1.8%4,6244,40322155,672
30 June 2017152+0.7%43,923-0.0%33,036+1.7%2,7272,57515254,988
30 September 2017150-1.3%43,903-0.0%33,325+0.9%2,2811,98130054,783
31 December 2017148-1.3%43,484-1.0%32,426-2.7%3,5053,4921355,284
31 March 2018144-2.7%41,812-3.8%33,695

+3.9%

2,5962,728-13256,367
Constitution
Investment Company
Protected Cell Company
Unit Trust
Incorporated Cell Company
Limited Partnership
Total
46612971144
32%42%20%5%1%100%
Other Information
Single class Schemes
Umbrella Schemes
24120
Analysis by MAIN Investment Style and Class.
Type
 
 
Authorised
 
Registered
 
Net Asset Values (£)
Exchange Listed
Total
%
Class A
Class B
Class Q
Balanced96%09001,182,861,8512
Debt2013%017122,937,384,7873
Derivatives21%0101543,341,7592
Equities/Securities6042%0458718,801,910,27413
Feeder Fund64%06001,439,206,4582
Fund of Hedge Fund2719%0204310,713,904,0925
Hedge Fund21%0200220,985,1640
Insurance Related11%0100159,198,8590
Money Market/Cash11%0100271,710,2861
Private Equity 1 1% 001072,566,0080 
Real Property13 9% 010125,421,737,2206 
Sharia 1 1% 01 007,426,6121 
Special Situations 1 1% 01 0040,228,8741
Total144100%0114151541,812,462,24436
Number of Cells of Umbrella Schemes1,133
Class A Schemes0
Class B Schemes114
Class Q Schemes15
Registered15
Total144

Open Ended Schemes - Geographic Breakdown of Investments

Notes: Class A schemes are those which meet the Commission's Collective Investment Schemes (Class A) Rules 2002, and were thereby eligible for recognition by the UK Financial Services Authority for sale to the public in the United Kingdom by virtue of Guernsey's designation under Section 270 of the Financial Services and Markets Act 2000.

In addition to the United Kingdom there are nine other countries in which the Class A funds may be marketed to the public (upon application to the relevant authority) and these are: Australia, Belgium, Hong Kong, Japan, The Netherlands, The Republic of Ireland, South Africa, Sweden and Switzerland.

Class B schemes are authorised under the Protection of Investors Law 1987 and are subject to the Authorised Collective Investment Schemes (Class B) Rules 2013. They will also be considered for public marketing by the relevant authorities in the countries referred to above.

Class Q schemes, designed for qualifying professional investors, are also authorised under the Protection of Investors Law 1987 and are subject to the Collective Investment Schemes (Qualifying Professional Investor Funds) (Class Q) Rules 1998.

Registered schemes are registered under the Protection of Investors (Bailiwick of Guernsey) Law 1987 and are subject to the Registered Collective Investment Scheme Rules 2015.

The geographic breakdown of schemes is based on investments actually acquired by the scheme and does not take account of commitments or off-balance sheet positions.

Where investments are feeder funds or fund of funds structures, or assets held by holding vehicles, the breakdown is based on the country of incorporation/establishment of the fund(s) or holding vehicles into which the fund for which the Form 141 has been submitted invests.

 

Closed Ended Schemes

Date
Number of Authorised/Registered Schemes
Net Asset Value of Schemes (£mn)
Number of Registered Holders
Total Value of Sales (£mn)
Total Value of Repurchases (£mn)
Net New Investment (£mn)
Gross Asset Values (£mn)
31 March 2017656+0.9%164,339+3.1%75,213-8.9%7,1826,415767179,266
30 June 2017658+0.3%167,225+1.8%77,714+3.3%6,6897,027-338182,945
30 September 2017655-0.5%166,047-0.7%78,316+0.8%5,3229,143-3,821184,484
31 December 2017658+0.5%166,481

+0.3

73,675-5.9%8,51111,576-3,065184,903
31 March 20186580.0%167,877

+0.8%

74,761+1.5%8,6458,476169182,285
Constitution
Investment Company
Limited Partnership
Unit Trust
Protected Cell Company
Incorporated Cell Company
Total
17043225274658
26%65%4%4%1%100%
Single class Schemes
Umbrella Schemes
549109
Analysis by MAIN Investment Style and Class.
Type
 Total
 %
Authorised 
Registered 
Net Asset Values (£)
Exchange Listed
Balanced20%02788,691,5661
Commodities/Resources41%30

1,826,351,797

4

Debt589%184010,404,236,07924
Derivatives41%401,022,046,2992
Emerging Markets81%441,825,083,8152
Equity/Securities355%20156,381,113,31725
Feeder Fund81%53348,180,5003
Fund of Hedge Fund162%1064,745,954,5679
Hedge Funds10%012,767,791,5141
Illiquid Assets20%02527,031,2261
Infrastructure335%151820,980,329,6377
Litigation41%4076,292,5311
Money Market/Cash10%011,1761
Private Equity38559%238147105,096,952,94114
Real Property7612%354110,103,766,78425
Special Situations71%25284,352,1291
Technology30%0324,292,6010
Venture Capital112%38675,013,4692
Total658100%359299167,877,481,948123
Number of Cells of Umbrella Schemes456
Authorised359
Registered299
Total658

Closed Ended Schemes - Geographic Breakdown of Investments

The geographic breakdown of schemes is based on investments actually acquired by the scheme and does not take account of commitments or off-balance sheet positions.

Where investments are feeder funds or fund of funds structures, or assets held by holding vehicles, the breakdown is based on the country of incorporation/establishment of the fund(s) or holding vehicles into which the fund for which the Form 141 has been submitted invests.

 

Total Funds Under Management

Date
Number of Schemes
Net Asset Value of Schemes (£mn)
Number of Registered Holders
Exchange Listed
Gross Asset Values (£mn)
31 March 20178070.0%208,280+3.3%107,686-6.9%177234,938
30 June
2017		810+0.4%211,148+1.4%110,750+2.8%176237,933
30 September 2017805-0.6%209,950-0.6%111,641+0.8170239,267
31 December 2017806+0.1%209,965+0.0%106,132-4.9%166240,187
31 March 2018802-0.5%209,689-0.1%108,456+2.2%159238,309

Net Asset Values of Guernsey Schemes Under Management (£mn)

Total Number of Schemes

Non-Guernsey Open Ended Schemes

Date
Number of Schemes
Net Asset Value of Schemes (£mn)
Restricted Activity
Exchange Listed
Gross Asset Values (£mn)
ManagementAdministrationCustody

31 March  2017

1760.0%58,354+7.5%1213527959,285
30 June    20171760.0%59,898+2.6%1233327960,150
30 September 2017177+0.6%59,014-1.5%12334271159,214
31 December 2017170-4.0%60,395+2.3%1203324960,704
31 March 2018167-1.8%52,853-12.5%1203321952,992
Constitution
Investment CompanyLimited PartnershipUnit TrustProtected Cell CompanyIncorporated Cell CompanyTotal
14281421167
85%5%8%2%1%100%
Other Information
Single Class Schemes

Umbrella Schemes

Number of Cells of Umbrella Schemes

11849756
Analysis by MAIN Investment Style and Class

Type

 Total %

Net Asset Values (£)

Exchange Listed
Balanced148%26,587,062,2370
Commodities/Resources21%2,272,6850
Debt53%147,988,7290
Derivatives21%163,043,6070
Equity/Securities3823%14,963,972,5246
Feeder Fund42%154,989,5720
Fund of Hedge Fund7344%7,417,992,6063
Hedge Fund138%2,166,107,1550
Insurance Related21%78,324,5970
Managed Currency11%25,179,1470
Private Equity85%561,784,4350
Real Property83%584,033,4940
Total167100%52,852,750,7889

Non-Guernsey Open Ended Schemes - Country of Incorporation

Non-Guernsey Schemes - Geographic Breakdown of Investments

Movements Within Period

TypeTotal as at 31 December 2017Approved in QuarterLost in QuarterTotal as at 31 March 2018

TOTAL OF OPEN-ENDED SCHEMES

14826144
Of which Authorised13516129
Of which Registered131015
Of which QIF's230122
Of which PIF's 1102
TOTAL OF CLOSED-ENDED SCHEMES6581010658
Of which Authorised369010359
Of which Registered289100299
Of which QIF's16003157
Of which PIF's115016
TOTAL OF LICENCES6401911648
TOTAL OF NON-GUERNSEY SCHEMES17047167
Of which QIF's210021

For statistics from previous years, please see Archive of Investment Statistics.