The net asset value of total funds under management and administration grew by £13.2 billion (7.2%) over the quarter ended 31 March 2010 to £197.4 billion. For the year since 31 March 2009, total net asset values increased by £21.5 billion (12.2%).
Within these totals, Guernsey domiciled open-ended funds increased by £5.4 billion (10.7%) over the quarter to reach £56.1 billion. This represents a increase of £3.6 billion (6.9%) over the year since 31 March 2009. The closed-ended sector also saw growth over the quarter, with an increase of £6.9 billion (8.1%) to reach £92.3 billion. This represents an increase of £9.8 billion (11.9%) over the year since 31 March 2009. Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, increased by £900 million (1.7%) over the quarter to £49 billion. Since 31 March 2009 the net asset value of this sector has increased by £8.1 billion (19.8%).
The gross asset value of Guernsey open-ended funds as at 31 March 2010 was £63.8 billion, implying an average gearing level of 13.7%. The gross asset value represents an increase of some £4.8 billion since 31 December 2009. In the closed-ended sector, as would be expected, the gearing level remains higher, with gross asset values of £111.2 billion (December 2009: £104.4 billion) implying a gearing level of 20.4%. The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 4.7%, based on gross asset values of £51.2 billion (December 2009: £50 billion, which has been re-stated due to an error in the compilation of the December 2009 statistical summary).
The detailed current statistics are available here.
Asset Management and Stockbroking
During 2009 the Commission and the investment sector consulted on the introduction of statistical returns for the non-fund sector and this is the third quarter for which the results are available.
Returns were provided by 85 firms (December 2009: 80) confirming:
Gross Assets under Management: £50.9 billion (December 2009: £47.1 billion)
Turnover of Stockbroking Activities: £287.4 million (December 2009: £243.3 million)
Number of Accounts: 10,495 (December 2009: 11,212)
Gross Assets under Management means the gross assets of all managed accounts held by the licensee. This will include both discretionary and non-discretionary managed accounts but excludes execution only type business.
Turnover of Stockbroking Activities means the value of stockbroking activities undertaken by the licensee during the quarter and includes the total consideration, including commission, relating to these activities.
Number of accounts includes the number of clients with which the licensee has an agreement to provide investment business services within the scope of the licence issued under the Protection of Investors (Bailiwick of Guernsey) Law, 1987. This covers, but is not limited to, discretionary and non-discretionary accounts, advisory accounts, stockbroking accounts and portfolio management accounts.
Enquiries to: Peter Moffatt, Director of Investment Business
Tel: (01481) 712706
Fax: (01481) 712010
International Dialling Code: +44 1481
E-mail: [email protected]