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First Quarter 2019

Investment Funds  

The net asset value of total funds under management and administration has decreased in Sterling terms during the quarter ended 31 March 2019 by £1.3 billion (0.5%) to £280.4 billion.  For the year since 31 March 2018, total net asset values increased by £17.9 billion (6.8%). 

Open-ended Funds  

Within these totals, Guernsey domiciled open-ended funds remained unchanged over the quarter at £42.5 billion.  This represents an increase of £0.7 billion (1.6%) over the year since 31 March 2018.

Closed-ended Funds

The closed-ended sector decreased over the quarter by £2.1 billion (-1.2%) to £174.2 billion.  This represents an increase of £6.4 billion (3.8%) over the year since 31 March 2018.

Non-Guernsey Schemes

Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, increased
by £0.9 billion (1.4%) over the quarter to £63.7 billion.  Since 31 March 2018, the net asset value of this sector has increased by £10.8 billion (20.5%).

Gross Asset Values and Gearing

The gross asset value of Guernsey open-ended funds as at 31 March 2019 was £57.4 billion, implying an average gearing level of 29.8%.  The gross asset value represents an increase of £1.1 billion since 31 December 2018.

 In the closed-ended sector, the gearing level is lower, with gross asset values of £191.2 billion (December 2018: £194.5 billion) implying a gearing level of 9.3%.

 The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 0.6%, based on gross asset values of £64.0 billion (December 2018: £63.0 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 2018144-2.7%41,812-3.8%33,695

+3.9%

2,5962,728-13256,367

30 June   2018

142-1.4%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
31 March 2019143

-3.4%

42,512

0.0%

31,786

-1.7%

1,6772,481-80457,406
Constitution
Investment Company
Protected Cell Company
Unit Trust
Incorporated Cell Company
Limited Partnership
Total
49582871143
34%40%20%5%1%100%
Other Information
Single class Schemes
Umbrella Schemes
27116
Analysis by MAIN Investment Style and Class.
Type
 
 
Authorised
 
Registered
 
Net Asset Values (£)
Exchange Listed
Total
%
Class A
Class B
Class Q
Balanced85%08001,371,810,1812
Commodities/Resources11%00013,721,1590
Debt1913%015134,570,161,1183
Derivatives32%0102586,223,8323
Equities/Securities5740%0448516,402,011,01211
Feeder Fund64%06001,421,439,6542
Fund of Hedge Fund2920%0224311,314,648,9814
Hedge Fund21%0200216,160,2880
Insurance Related11%0100155,137,3710
Money Market/Cash11%0100186,049,6691
Private Equity 1 1% 001081,271,7750
Real Property13 9% 010126,156,135,1706
Sharia 1 1% 01008,003,5080
Special Situations 1 1% 010039,263,7671
Total143100%0112151642,512,037,48533
Number of Cells of Umbrella Schemes1,118
Class A Schemes0
Class B Schemes112
Class Q Schemes15
Registered16
Total143

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 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
31 March 2019667+0.3%174,236

-1.2%

63,576-11.2%8,2947,0491,245191,227
Constitution
Investment Company
Limited Partnership
Unit Trust
Protected Cell Company
Incorporated Cell Company
Total
16145424253667
24%68%4%4%0%100%
Single class Schemes
Umbrella Schemes
558109
Analysis by MAIN Investment Style and Class.
Type
 Total
 %
Authorised 
Registered 
Net Asset Values (£)
Exchange Listed
Balanced20%02874,446,0131
Commodities/Resources30%03

1,336,519,020

3

Debt589%184011,385,479,22823
Derivatives10%10613,391,3671
Emerging Markets81%441,752,261,4022
Equity/Securities355%17186,142,438,81924
Feeder Fund71%43410,432,6252
Fund of Hedge Fund153%1055,055,940,8929
Hedge Funds10%014,009,594,9741
Illiquid Assets20%11729,590,5802
Infrastructure325%131916,930,657,0226
Insurance Related20%02178,302,1220
Litigation30%30108,401,1580
Private Equity39760%237160113,833,537,12013
Real Property7712%31469,443,748,49221
Special Situations51%23189,217,2261
Technology30%03371,475,8621
Venture Capital163%313870,248,7182
Total667100%344323174,235,682,640112
Number of Cells of Umbrella Schemes444
Authorised344
Registered323
Total667

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
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

31 March
2019

810-0.4%216,748-1.0%95,362-8.2%145248,633

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
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
2018		143-12.8%62,817-2.5%10827131063,010
31 March
2019		147+2.8%63,671+1.4%11327121064,002
Constitution
Investment CompanyLimited PartnershipUnit TrustProtected Cell CompanyIncorporated Cell CompanyTotal
12581211147
85%5%8%1%1%100%
Other Information
Single Class Schemes

Umbrella Schemes

Number of Cells of Umbrella Schemes

9750963
Analysis by MAIN Investment Style and Class

Type

 Total %

Net Asset Values (£)

Exchange Listed
Balanced1912%30,769,779,3440
Commodities/Resources21%00
Debt73%203,717,7740
Derivatives21%115,158,2330
Equity/Securities3524%14,238,656,9986
Feeder Fund53%168,956,4991
Fund of Hedge Fund5439%6,828,856,4213
Hedge Fund75%2,126,049,8450
Insurance Related11%27,340,0210
Managed Currency11%00
Private Equity106%8,699,675,8100
Real Property43%493,249,7080
Technology01%00
Total147100%63,671,440,65310

Non-Guernsey Open Ended Schemes - Country of Incorporation

Non-Guernsey Schemes - Geographic Breakdown of Investments

Movements Within Period


Type

Total as at 31 December 2018Approved in QuarterLost in QuarterTotal as at 31 March 2019

TOTAL OF OPEN-ENDED SCHEMES

14805143
Of which Authorised13003127
Of which Registered180216
Of which QIF's230023
Of which PIF's 6006
TOTAL OF CLOSED-ENDED SCHEMES6651614667
Of which Authorised34837344
Of which Registered317137323
Of which QIF's15720159
Of which PIF's322034
TOTAL OF LICENCES6631611668
TOTAL OF NON-GUERNSEY SCHEMES14395147
Of which QIF's160016

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