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Third Quarter 2018

Investment Funds  

The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 30 September 2018 by £4 billion (1.4%) to £280 billion.  For the year since 30 September 2017, total net asset values increased by £11 billion (4.1%). 

Open-ended Funds  

Within these totals, Guernsey domiciled open-ended funds increased by £0.4 billion (0.8%) over the quarter to £43.6 billion.  This represents a decrease of £0.3 billion (-0.7%) over the year since 30 September 2017.

Closed-ended Funds

The closed-ended sector increased over the quarter by £3.9 billion (2.3%) to £172.1 billion.  This represents an increase of £6.1 billion (3.7%) over the year since 30 September 2017.

Non-Guernsey Schemes

Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £0.3 billion (-0.5%) over the quarter to £64.4 billion.  Since 30 September 2017, the net asset value of this sector has increased by £5.4 billion (9.1%).

Gross Asset Values and Gearing

The gross asset value of Guernsey open-ended funds as at 30 September 2018 was £58 billion, implying an average gearing level of 28.3%.  The gross asset value represents an increase of £0.8 billion since 30 June 2018.

 In the closed-ended sector, the gearing level is lower, with gross asset values of £189.3 billion (June 2018: £183.7 billion) implying a gearing level of 9.5%.

 The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 0.1%, based on gross asset values of £64.5 billion (June 2018: £64.8 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)
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
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
Constitution
Investment Company
Protected Cell Company
Unit Trust
Incorporated Cell Company
Limited Partnership
Total
48602871144
33%42%19%5%1%100%
Other Information
Single class Schemes
Umbrella Schemes
21123
Analysis by MAIN Investment Style and Class.
Type
 
 
Authorised
 
Registered
 
Net Asset Values (£)
Exchange Listed
Total
%
Class A
Class B
Class Q
Balanced96%09001,330,997,5092
Commodities/Resources11%000100
Debt1913%017114,146,298,7433
Derivatives32%0201568,743,5772
Equities/Securities6142%0457917,973,265,66312
Feeder Fund64%06001,405,115,8902
Fund of Hedge Fund2517%0175311,726,694,6114
Hedge Fund21%0200239,494,2440
Insurance Related11%0100174,815,4020
Money Market/Cash11%0100208,200,4971
Private Equity 1 1% 001078,247,2160 
Real Property13 9% 010125,699,452,5216 
Sharia 1 1% 01 007,901,3080
Special Situations 1 1% 01 0039,290,6001
Total144100%0112151743,598,517,78133
Number of Cells of Umbrella Schemes898
Class A Schemes0
Class B Schemes112
Class Q Schemes15
Registered17
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)
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
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
Constitution
Investment Company
Limited Partnership
Unit Trust
Protected Cell Company
Incorporated Cell Company
Total
16644025274662
25%66%4%4%1%100%
Single class Schemes
Umbrella Schemes
554108
Analysis by MAIN Investment Style and Class.
Type
 Total
 %
Authorised 
Registered 
Net Asset Values (£)
Exchange Listed
Balanced20%02837,769,5241
Commodities/Resources41%13

1,911,592,236

4

Debt599%194010,665,721,27324
Derivatives30%301,013,134,6492
Emerging Markets91%451,079,849,0362
Equity/Securities386%19197,191,438,96626
Feeder Fund81%53355,770,2663
Fund of Hedge Fund163%1064,748,101,91610
Hedge Funds10%013,427,724,8381
Illiquid Assets10%01484,525,5861
Infrastructure315%131817,682,497,2736
Insurance Related20%02 175,978,4830
Litigation41%4079,626,1261
Private Equity38758%238149112,034,410,31414
Real Property7411%33419,361,395,54223
Special Situations71%25223,378,8091
Technology41%0423,267,1000
Venture Capital122%39867,527,7082
Total662100%354308172,163,709,645121
Number of Cells of Umbrella Schemes408
Authorised354
Registered308
Total662

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)

30 September
2017

805-0.6%209,950-0.6%111,641+0.8170239,267
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

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
30 September
2017		177+0.6%59,014-1.5%12334271159,214
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
Constitution
Investment CompanyLimited PartnershipUnit TrustProtected Cell CompanyIncorporated Cell CompanyTotal
14081321164
85%5%8%1%1%100%
Other Information
Single Class Schemes

Umbrella Schemes

Number of Cells of Umbrella Schemes

11153771
Analysis by MAIN Investment Style and Class

Type

 Total %

Net Asset Values (£)

Exchange Listed
Balanced1710%29,612,179,6260
Commodities/Resources21%1,479,4600
Debt64%40,278,4030
Derivatives21%210,792,6680
Equity/Securities3823%15,878,406,4607
Feeder Fund53%313,665,8621
Fund of Hedge Fund6238%7,169,236,3753
Hedge Fund159%2,610,333,0844
Insurance Related21%81,960,5450
Managed Currency11%00
Private Equity96%7,946,236,3020
Real Property53%538,486,5510
Total164100%64,403,055,33615

Non-Guernsey Open Ended Schemes - Country of Incorporation

Non-Guernsey Schemes - Geographic Breakdown of Investments

Movements Within Period


Type

Total as at 30 June 2018Approved in QuarterLost in QuarterTotal as at 30 September 2018

TOTAL OF OPEN-ENDED SCHEMES

14242144
Of which Authorised12812127
Of which Registered143017
Of which QIF's221023
Of which PIF's 2305
TOTAL OF CLOSED-ENDED SCHEMES659118662
Of which Authorised35534354
Of which Registered30484308
Of which QIF's15810159
Of which PIF's234027
TOTAL OF LICENCES653123662
TOTAL OF NON-GUERNSEY SCHEMES16613164
Of which QIF's180117

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