First Quarter 2018
The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 31 March 2018 by £7 billion (-2.9%) to £263 billion. For the year since 31 March 2017, total net asset values decreased by £5 billion (-1.5%).
Within these totals Guernsey domiciled open-ended funds decreased by £1.67 billion (-3.8%) over the quarter to £41.8 billion. This represents a decrease of £2.1 billion (-4.8%) over the year since 31 March 2017.
The closed-ended sector increased over the quarter by £1.39 billion (0.84%) to £167.8 billion. This represents an increase of £3.5 billion (2.15%) over the year since 31 March 2017.
Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £7.6 billion (-12.5%) over the quarter to £52.8 billion. Since 31 March 2017, the net asset value of this sector has decreased by £5.5 billion (-9.43%).
Gross Asset Values and Gearing
The gross asset value of Guernsey open-ended funds as at 31 March 2018 was £56.3 billion, implying an average gearing level of 29%. The gross asset value represents an increase of £1 billion since 31 December 2018.
In the closed-ended sector, the gearing level is lower, with gross asset values of £182.3 billion (December 2017: £185 billion) implying a gearing level of 8.28%.
The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 0.37%, based on gross asset values of £53 billion (December 2017: £60.7 billion).