Funds under management grow statistics for non-fund investment sector release
The net asset value of total funds under management and administration grew by £2.7 billion (1.5%) over the quarter ended 31 December 2009 to £184.2 billion. For the year since 31 December 2008, total net asset values decreased by £16.2 billion (8.1%).
Within these totals, Guernsey domiciled open-ended funds decreased by £800 million (1.4%) over the quarter to reach £50.7 billion. This represents a decrease of £12.9 billion (20.3%) over the year since 31 December 2008. The closed-ended sector saw growth over the quarter, with an increase of £4.3 billion (5.3%) to reach £85.4 billion. This represents a decrease of £6.1 billion (6.7%) over the year since 31 December 2008. Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £800 million (1.6%) over the quarter to £48.1 billion. Since 31 December 2008 the net asset value of this sector has increased by £2.8 billion (6.2%).
The gross asset value of Guernsey open-ended funds as at 31 December 2009 was £59 billion, implying an average gearing level of 16.3%. The gross asset value represents a decrease of some £200 million since 30 September 2009. In the closed-ended sector, as would be expected, the gearing level remains higher, with gross asset values of £104.4 billion (September 2009: £102 billion) implying a gearing level of 22.3%. The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 19%, based on gross asset values of £57.3 billion (September 2009: £56 billion).
The detailed 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 second quarter for which the results are available.
Returns were provided by 80 firms (September 2009: 75) confirming:
Gross Assets under Management: £47.1 billion (September 2009: £49.5 billion)
Turnover of Stockbroking Activities: £243.3 million (September 2009: £222.6 million)
Number of Accounts: 11,212 (September 2009: 10,342)
Explanatory notes for Asset Management and Stockbroking Statistical Information
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]