GLOBAL CONDITIONS IMPACT GUERNSEY INVESTMENT FUNDS
Total funds under management and administration fell by £24.5 billion (12.2%) over the quarter ended 31 March 2009 to £175.9 billion. For the year to 31 March 2009, values decreased by £27.9 billion, a decrease of 13.7%.
Within these totals, Guernsey domiciled open-ended funds fell by £11.1 billion (17.4%) over the quarter to £52.5 billion. This represents a decrease of £19 billion (26.6%) over the year since 31 March 2008. The decrease in value over the quarter results mainly from the adverse performance of global markets during the first quarter of 2009. Since the end of March 2009 there has been an improvement in global equity markets which we anticipate will affect asset values positively during the second quarter.
The closed-end fund sector also fell in value, with a decrease of £9 billion (9.8%) over the quarter to £82.5 billion. Over the year to 31 March 2009 the value of closed-end funds increased by £3.5 billion (4.4%).
Non-Guernsey schemes, for which some aspect of management or administration is carried out in the Bailiwick, decreased by £4.4 billion (9.8%) over the quarter to leave their value at £40.9 billion. This figure is a decrease of £12.4 billion (23.3%) over the year since 31 March 2008. The decrease in net asset value over the first quarter of 2009 results mainly from the on-going adverse performance of the global hedge fund sector during this quarter.
Peter Moffatt, Director of Investment Business at the Guernsey Financial Services Commission, said:
“Guernsey is not immune from the continuing volatility of global markets which has affected investment funds everywhere.”
The detailed statistics are available here (PDF document).
Enquiries to: Peter Moffatt, Director of Investment Business