FUNDS EXCEED £55 BILLION
Total sums under management increased by £4.3 bn over the quarter to reach £56.4 bn.
The value of Guernsey open-ended funds reached £22.2 billion by end-December, an increase of 7.6% over the quarter and a remarkable 39.8% over the year as a whole. Closed-ended funds, reached a value of £19.6 billion at end-December. Although this showed limited (+0.4%) growth over the quarter, there was nonetheless substantial (+14.4%) growth over the year as a whole. Taken together, the open and closed-ended sectors reached an end-year value of £41.8 billion, an increase of 26.6% over the year and 4.1% over the quarter.
Some of the growth noted above reflects improved capital values as markets recovered during the year. It is also, however, a reflection of the attractions of Guernsey as an international fund centre. Despite weaker markets, 26 new open-ended funds, and a remarkable 108 new classes of existing open-ended funds, were authorised during the year, compared with 17 new funds and 75 classes in 2002. Thirty-one new closed-end vehicles received consent compared with 36 in 2002.
In order to deal with these significant volumes, the Investment Business Division of the Commission restructured its application process early in 2003. The Commission retains its established assessment policy for new promoters; for established promoters, a "fast track" application process was set up with the result that the Division has regularly been able to provide new fund authorisations in less than 72 hours.
The strength of the Bailiwick's fund administration business is also reflected in the value of non-Guernsey schemes for which some aspect of administration or custody is conducted in Guernsey. This increased to £14.6 billion at end December, an increase of 74.3% over the year and 22.2% over the quarter.
The detailed statistics are attached here.
Enquiries to: Peter Moffatt, Director of Investment Business
Carl Rosumek, Deputy Director of Investment Business
Tel: (01481) 712706 Fax: (01481) 712010
International dialling code: +44 1481