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Fourth Quarter 2017

Investment Funds  

The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 31 December 2017 by £1 billion (0.5%) to £270 billion.  For the year since 31 December 2016, total net asset values increased by £14 billion (5.6%). 

Open-ended Funds  

Within these totals Guernsey domiciled open-ended funds decreased by £419 million (-1.0%) over the quarter, but remain at £43.5 billion.  This represents an increase of £1.2 billion (2.8%) over the year since 31 December 2016.

Closed-ended Funds

The closed-ended sector increased over the quarter by £434 million (0.26%) to £166.4 billion.  This represents an increase of £7.1 billion (4.46%) over the year since 31 December 2016.

Non-Guernsey Schemes

Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, increased by £1.4 billion (2.3%) over the quarter to £60.4 billion.  Since 31 December 2016 the net asset value of this sector has increased by £6.1 billion (11.31%).

Gross Asset Values and Gearing

The gross asset value of Guernsey open-ended funds as at 31 December 2017 was £55.3 billion, implying an average gearing level of 24%.  The gross asset value represents an increase of £0.5 billion since 30 September 2017.

 In the closed-ended sector, the gearing level is lower, with gross asset values of £185 billion (September 2017: £184 billion) implying a gearing level of 10.48%.

 The gearing implicit in Non-Guernsey open-ended collective investment schemes is approximately 0.5%, based on gross asset values of £60.7 billion (September 2017: £59.21 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 2016157-1.9%42,299-7.2%33,076-12.5%1,2702,174-90454,473
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
Constitution
Investment Company
Protected Cell Company
Unit Trust
Incorporated Cell Company
Limited Partnership
Total
47613271149
32%41%21%5%1%100%
Other Information
Single class Schemes
Umbrella Schemes
34114
Analysis by MAIN Investment Style and Class.
Type
 
 
Authorised
 
Registered
 
Net Asset Values (£)
Exchange Listed
Total
%
Class A
Class B
Class Q
Balanced96%09001,190,958,7982
Debt2013%017123,362,480,5294
Derivatives21%0101552,299,5092
Equities/Securities6242%0497519,500,958,90314
Feeder Fund64%06001,632,642,2842
Fund of Hedge Fund2718%0195311,088,647,4095
Hedge Fund21%0200238,537,4840
Insurance Related11%0100181,750,4410
Managed Currency11%01002,720,9310
Money Market/Cash11%0100302,614,5661
Private Equity 1 1% 001075,248,0750 
Real Property14 9% 010135,306,573,4886 
Sharia 1 1% 01 007,826,4501 
Special Situations 1 1% 01 0041,178,1621
Total148100%0119151443,484,437,02938
Number of Cells of Umbrella Schemes938
Class A Schemes0
Class B Schemes119
Class Q Schemes15
Registered15
Total149

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 December 2016650+0.6%159,373+4.4%82,575-5.6%4,2106,687-2,477174,152
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
Constitution
Investment Company
Limited Partnership
Unit Trust
Protected Cell Company
Incorporated Cell Company
Total
17342925274658
26%65%4%4%1%100%
Single class Schemes
Umbrella Schemes
551107
Analysis by MAIN Investment Style and Class.
Type
 Total
 %
Authorised 
Registered 
Net Asset Values (£)
Exchange Listed
Balanced20%1193,215,5491
Commodities/Resources41%40

364,471,176

4

Debt589%24348,272,691,70325
Derivatives41%4014,300,4072
Emerging Markets71%43159,848,7812
Equity/Securities365%16208,963,450,21428
Feeder Fund81%621,204,035,4823
Fund of Hedge Fund173%1619,486,139,82510
Hedge Funds10%1012,233,3811
Illiquid Assets20%1198,730,1131
Infrastructure335%201314,945,584,7387
Litigation41%40181,338,9181
Private Equity38358%245138104,608,212,53314
Real Property7912%186115,004,400,83326
Special Situations71%16518,487,9771
Technology20%0223,149,6610
Venture Capital112%472,530,622,9982
Total658100%369289166,480,914,294128
Number of Cells of Umbrella Schemes412
Authorised369
Registered289
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 December 2016807+0.4%201,672+1.7%115,651-7.7%170228,625
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

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 2016176-8.3%54,259+6.0%1203528954,791

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
Constitution
Investment CompanyLimited PartnershipUnit TrustProtected Cell CompanyIncorporated Cell CompanyTotal
14481431170
85%5%8%2%1%100%
Other Information
Single Class Schemes

Umbrella Schemes

Number of Cells of Umbrella Schemes

11852741
Analysis by MAIN Investment Style and Class

Type

 Total %

Net Asset Values (£)

Exchange Listed
Balanced159%25,409,988,4430
Debt53%155,267,2100
Derivatives42%199,456,3730
Equity/Securities3923%17,535,406,0386
Feeder Fund42%164,997,8020
Fund of Hedge Fund7544%7,535,272,7873
Hedge Fund117%2,593,142,3820
Insurance Related21%82,898,2320
Managed Currency11%26,501,7090
Private Equity95%6,086,726,3440
Real Property53%604,956,0120
Total170100%60,394,613,3329

Non-Guernsey Open Ended Schemes - Country of Incorporation

Non-Guernsey Schemes - Geographic Breakdown of Investments

Movements Within Period

TypeTotal as at 30 September 2017Approved in QuarterLost in QuarterTotal as at 31 December 2017

TOTAL OF OPEN-ENDED SCHEMES

15013148
Of which Authorised13702135
Of which Registered131113
Of which QIF's230023
Of which PIF's 10 0 1 
TOTAL OF CLOSED-ENDED SCHEMES6551714658
Of which Authorised379212369
Of which Registered276152289
Of which QIF's16022160
Of which PIF's5 6 0 11 
TOTAL OF LICENCES6371916640
TOTAL OF NON-GUERNSEY SCHEMES17707170
Of which QIF's210021

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