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Second Quarter 2017

Investment Funds  
The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 30 June 2017 by £4.5 billion (1.6%) to £271 billion.  For the year since 30 June 2016, total net asset values increased by £23.9 billion (9.6%). 
Open-ended Funds  
Within these totals Guernsey domiciled open-ended funds decreased slightly by £0.18 billion (-0.04%) over the quarter, but remain at £43.9 billion.  This represents an increase of £2.6 billion (6.3%) over the year since 30 June 2016.
Closed-ended Funds
The closed-ended sector increased over the quarter by £2.8 billion (1.8%) to £167.2 billion.  This represents an increase of £13.7 billion (8.98%) over the year since 30 June 2016.
Non-Guernsey Schemes
Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, increased by £1.5 billion (2.64%) over the quarter to £59.8 billion.  Since 30 June 2016 the net asset value of this sector has increased by £7.5 billion (14.36%).
Gross Asset Values and Gearing
The gross asset value of Guernsey open-ended funds as at 30 June 2017 was £54.9 billion, implying an average gearing level of 20.03%.  The gross asset value represents a decrease of £0.8 billion since 31 March 2017.
 
In the closed-ended sector, the gearing level is lower, with gross asset values of £183 billion (March 2017: £179 billion) implying a gearing level of 8.63%.
 
The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 0.5%, based on gross asset values of £60.1 billion (December 2016: £59.3 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 June 2016164-1.2%41,306+2.3%40,221-0.6%1,5963,104-1,50855,220
30 September 2016 160-2.4% 45,605+10.4% 37,810 -6.0% 2,348 2,155 193 60,026 
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%43,9230.0%33,036+1.7%2,7272,57515254,988
Constitution
Investment Company
Protected Cell Company
Unit Trust
Incorporated Cell Company
Limited Partnership
Total
49643171152
32%42%20%5%1%100%
Other Information
Single class Schemes
Umbrella Schemes
22130
Analysis by MAIN Investment Style and Class.
Type
 
 
Authorised
Registered
Exchange Listed
Total
%
Class A
Class B
Class Q
 
Balanced85%08002
Commodities/Resources00%00000
Debt149%010221
Derivatives21%01012
Emerging Markets74%07001
Equities/Securities6241%0488616
Feeder Fund53%05002
Fund of Hedge Fund2818%021438
Hedge Fund32%02100
Infrastructure00%00000
Insurance Related11%01001
Litigation00%00000
Managed Currency11%01001
Money Market/Cash43%04001
Other1 1% 01000 
Private Equity1 1% 00100 
Real Property13 8% 011028 
Sharia 1 1% 01 001 
Special Situations 1 1% 01 000
Technology 0 0% 00000
Venture Capital00%00000
Total152100%0122161444
Number of Cells of Umbrella Schemes1,027
Class A Schemes0
Class B Schemes122
Class Q Schemes16
Registered14
Total152

Open Ended Schemes - Geographic Breakdown of Investments

The geographic breakdown 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 NST has been submitted invests.

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.

 

Closed Ended Schemes

DateNumber of Authorised/Registered SchemesNet Asset Value of Schemes (£mn)Number of Registered HoldersTotal Value of Sales (£mn)Total Value of Repurchases (£mn)Net New Investment (£mn)Gross Asset Values (£mn)
30 June 20166450.0%153,452+2.6%85,943-1.2%6,9257,451-526168,175
30 September 2016646+0.2%152,609-0.5%87,428+1.7%4,3996,125-1,726165,513
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
Constitution
Investment Company
Limited Partnership
Unit Trust
Protected Cell Company
Incorporated Cell Company
Total
17642925244658
26%65%4%4%1%100%
Single class Schemes
Umbrella Schemes
543115
Analysis by MAIN Investment Style and Class.
Type
 Total
 %
Authorised 
Registered 
Exchange Listed
Balanced10%011
Commodities/Resources41%132
Debt548%1341

22

Derivatives41%403
Emerging Markets71%432
Equity/Securities386%231531
Feeder Fund41%312
Fund of Hedge Fund152%10511
Hedge Fund10%011
Illiquid Assets20%022
Infrastructure325%14187
Insurance Related10%011
Litigation41%401
Managed Currency00%000
Money Market/Cash00%000
Other20%111
Private Equity39360%26213120
Real Property7311%373623
Sharia00%000
Special Situations91%451
Technology20%110
Venture Capital122%481
Total658100%385273132
Number of Cells of Umbrella Schemes453
Authorised385
Registered273
Total658

Closed Ended Schemes - Geographic Breakdown of Investments

The geographic breakdown 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 NST has been submitted invests.

 

Total Funds Under Management

DateNumber of SchemesNet Asset Value of Schemes (£mn)Number of Registered HoldersExchange ListedGross Asset Values (£mn)
31 March 2016811+0.4%189,980+5.8%127,472+1.0%258205,754

30 June
2016

809-0.2%194,758+2.5%126,164-1.0%251223,395
30 September 2016806-0.4%198,214+1.8%125,238-0.7%179225,539
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

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

Total Number of Schemes

Non-Guernsey Open Ended Schemes

DateNumber of SchemesNet Asset Value of Schems (£mn)Restricted ActivityExchange ListedGross Asset Values
ManagementAdministrationCustody
30 June 2016200-1.0%52,371+9.2%13240351052,821
30 September 2016192-4.0%51,170-2.3%12937331151,544
31 December 2016176-8.3%54,259+6.0%1203528954,791
31 March 20171760.0%58,354+7.5%1213527959,285
30 June 20171760.0%59,898+2.6%1233327960,150
Constitution
Investment CompanyLimited PartnershipUnit TrustProtected Cell CompanyIncorporated Cell CompanyTotal
14981630176
85%4%9%2%0%100%
Other Information
Single Class Schemes

Umbrella Schemes

Number of Cells of Umbrella Schemes

12254816
Analysis by MAIN Investment Style and Class
Type  Exchange Listed
Total%
Balanced106%0
Commodities/Resources11%0
Debt53%0
Derivatives53%0
Emerging Markets84%4
Equity/Securities3118%2
Feeder Fund42%0
Fund of Hedge Fund7844%2
Hedge Fund158%1
Infrastructure11%0
Insurance Related21%0
Litigation00%0
Managed Currency21%0
Money Market/Cash00%0
Other11%0
Private Equity74%0
Real Property63%0
Sharia00%0
Special Situations00%0
Technology00%0
Venture Capital00%0
Total176100%9

Non-Guernsey Open Ended Schemes - Country of Incorporation

Non-Guernsey Schemes - Geographic Breakdown of Investments

Movements Within Period

TypeTotal as at 31 March 2017Approved in QuarterLost in QuarterTotal as at 30 June 2017

TOTAL OF OPEN-ENDED SCHEMES

15110152
Of which Authorised13800138
Of which Registered131014
Of which QIF's250124
TOTAL OF CLOSED-ENDED SCHEMES656108658
Of which Authorised38904385
Of which Registered267104273
Of which QIF's16210163
TOTAL OF LICENCES64067639
TOTAL OF NON-GUERNSEY SCHEMES17633176
Of which QIF's200020

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