Fourth Quarter 2018
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%).
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.
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, 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).
The detailed statistics are available here.