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Fourth Quarter 2018

Investment Funds  

The net asset value of total funds under management and administration has increased in Sterling terms during the quarter ended 31 December 2018 by £1.7 billion (0.6%) to £281.7 billion.  For the year since 31 December 2017, total net asset values increased by £11.7 billion (4.3%). 

Open-ended Funds  

Within these totals, Guernsey domiciled open-ended funds decreased by £1.1 billion (-2.5%) over the quarter to £42.5 billion.  This represents a decrease of £1.0 billion (-2.3%) over the year since 31 December 2017.

Closed-ended Funds

The closed-ended sector increased over the quarter by £4.2 billion (2.4%) to £176.3 billion.  This represents an increase of £9.9 billion (5.9%) over the year since 31 December 2017.

Non-Guernsey Schemes

Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £1.6 billion (-2.5%) over the quarter to £62.8 billion.  Since 31 December 2017, the net asset value of this sector has increased by £2.4 billion (3.9%).

Gross Asset Values and Gearing

The gross asset value of Guernsey open-ended funds as at 31 December 2018 was £56.3 billion, implying an average gearing level of 32.4%.  The gross asset value represents an increase of £1.7 billion since 30 September 2018.

 In the closed-ended sector, the gearing level is lower, with gross asset values of £194.5 billion (September 2018: £189.3 billion) implying a gearing level of 10.3%.

 The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 0.3%, based on gross asset values of £63.0 billion (September 2018: £64.5 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 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
30 June 2018142-1.4%43,226

+3.4%

32,946

-2.2%

1,2891,403-11457,221
30 September 2018144

+1.4%

43,598

+0.9%

33,036

+0.3%

1,5951,994-39958,037
31 December 2018148

+2.8%

42,515

-2.5%

32,325

-2.2%

2,0942,211-11756,321
Constitution
Investment Company
Protected Cell Company
Unit Trust
Incorporated Cell Company
Limited Partnership
Total
52602871148
35%40%19%5%1%100%
Other Information
Single class Schemes
Umbrella Schemes
28120
Analysis by MAIN Investment Style and Class.
Type
 
 
Authorised
 
Registered
 
Net Asset Values (£)
Exchange Listed
Total
%
Class A
Class B
Class Q
Balanced85%08001,275,392,5162
Commodities/Resources11%00013,582,1570
Debt2013%016134,432,112,7303
Derivatives32%0102573,394,2432
Equities/Securities6644%0527716,865,322,46812
Feeder Fund64%06001,456,29,7192
Fund of Hedge Fund2416%0165311,190,144,2754
Hedge Fund21%0200214,882,4130
Insurance Related11%0100163,007,4500
Money Market/Cash11%0100219,092,9271
Private Equity 1 1% 001083,303,2300 
Real Property13 9% 010125,992,080,5456 
Sharia 1 1% 01 008,037,0880
Special Situations 1 1% 01 0038,417,4541
Total148100%0115151842,515,060,21533
Number of Cells of Umbrella Schemes1,132
Class A Schemes0
Class B Schemes115
Class Q Schemes15
Registered18
Total148

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 (Bailiwick of Guernsey) 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 (Bailiwick of Guernsey) 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 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
30 June 2018659+0.2%168,244

+0.2%

74,423-0.5%6,3829,806-3,424183,795
30 September 2018662+0.5%172,164

+2.3%

69,517-6.6%7,68210,049-2,367189,368
31 December 2018665+0.5%176,362

+2.4%

71,587+3.0%7,6569,614-1,958194,533
Constitution
Investment Company
Limited Partnership
Unit Trust
Protected Cell Company
Incorporated Cell Company
Total
16344724274665
24%67%4%4%1%100%
Single class Schemes
Umbrella Schemes
557108
Analysis by MAIN Investment Style and Class.
Type
 Total
 %
Authorised 
Registered 
Net Asset Values (£)
Exchange Listed
Balanced20%02826,031,2291
Commodities/Resources31%03

1,627,159,473

3

Debt599%184111,188,636,71424
Derivatives20%20703,561,1801
Emerging Markets81%441,635,543,9312
Equity/Securities365%17196,007,752,26025
Feeder Fund71%43378,421,0332
Fund of Hedge Fund152%1054,860,986,9499
Hedge Funds10%013,005,298,5941
Illiquid Assets20%11736,548,8012
Infrastructure315%131819,408,026,8276
Insurance Related20%02176,985,8850
Litigation41%4086,922,0431
Private Equity39359%238155115,090,487,00915
Real Property7511%32439,524,934,26822
Special Situations51%23213,100,2031
Technology41%0423,598,0260
Venture Capital163%313868,507,7242
Total665100%348317176,362,502,149117
Number of Cells of Umbrella Schemes458
Authorised348
Registered317
Total665

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 December
2017		806+0.1%209,965+0.0%106,132-4.9%166240,187

31 March
2018

802-0.5%209,689-0.1%108,456+2.2%159238,309
30 June
2018		801-0.1%211,470+0.8%107,369-1.0%159241,016

30 September
2018

806+0.6%215,762+2.0%102,553-4.5%154247,405

31 December 2018

813+0.9%218,877+1.4%103,912+1.3%150250,854

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 December
2017		170-4.0%60,395+2.3%1203324960,704
31 March
2018		167-1.8%52,853-12.5%1203321952,992
30 June
2018		166-0.6%64,729+22.5%12131211364,878
30 September
2018		164-1.2%64,403-0.5%12132191564,480
31 December 2018143-12.8%62,817-2.5%10827131063,010
Constitution
Investment CompanyLimited PartnershipUnit TrustProtected Cell CompanyIncorporated Cell CompanyTotal
12171311143
84%5%9%1%1%100%
Other Information
Single Class Schemes

Umbrella Schemes

Number of Cells of Umbrella Schemes

9449743
Analysis by MAIN Investment Style and Class

Type

 Total %

Net Asset Values (£)

Exchange Listed
Balanced1712%30,206,041,2930
Commodities/Resources11%1,537,9590
Debt43%17,063,9390
Derivatives21%144,274,3470
Equity/Securities3424%13,552,596,0757
Feeder Fund53%187,179,9191
Fund of Hedge Fund5639%7,186,575,1013
Hedge Fund75%2,085,082,3690
Insurance Related21%80,536,6500
Managed Currency11%00
Private Equity96%8,833,615,2550
Real Property43%513,530,6620
Technology11%9,516,3930
Total164100%62,817,549,96211

Non-Guernsey Open Ended Schemes - Country of Incorporation

Non-Guernsey Schemes - Geographic Breakdown of Investments

Movements Within Period


Type

Total as at 30 September 2018Approved in QuarterLost in QuarterTotal as at 31 December 2018

TOTAL OF OPEN-ENDED SCHEMES

14462148
Of which Authorised12752130
Of which Registered171018
Of which QIF's230023
Of which PIF's 5106
TOTAL OF CLOSED-ENDED SCHEMES6622118665
Of which Authorised354410348
Of which Registered308178317
Of which QIF's15935157
Of which PIF's278332
TOTAL OF LICENCES6621615663
TOTAL OF NON-GUERNSEY SCHEMES164223143
Of which QIF's170116

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