The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 31 December 2014 by £41.5 billion (-15.9%) to £219.4 billion. This fall is principally due to the relocation of one firm to another jurisdiction during the last quarter of 2014. For the year since 31 December 2013, total net asset values decreased by £46.6 billion (-17.5%).
Within these totals Guernsey domiciled open-ended funds decreased by £2 billion (-4.8%) over the quarter to £39.7 billion. This represents a decrease of £2 billion (-4.8%) over the year since 31 December 2013.
The closed-ended sector remained steady over the quarter, at £135.8 billion. This represents a decrease of £0.3 billion (-0.2%) over the year since 31 December 2013.
Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £39.5 billion (-47.4%) over the quarter to £43.9 billion. Since 31 December 2013 the net asset value of this sector has decreased by £44.2 billion (-50.2%). The significant drop in value is almost entirely due to the exit from the jurisdiction of a large non-Guernsey scheme manager.
The gross asset value of Guernsey open-ended funds as at 31 December 2014 was £53.9 billion, implying an average gearing level of 35.8%. The gross asset value represents a decrease of £2.9 billion since 30 September 2014. In the closed-ended sector, the gearing level is lower, with gross asset values of £148.4 billion (September 2014: £148.3 billion) implying a gearing level of 9.3%. The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 1.6%, based on gross asset values of £44.6 billion (September 2014: £96.9 billion).
The detailed statistics are available here.
Asset Management and Stockbroking
Returns were provided by 111 firms (December 2014: 116) confirming:
Gross Assets under Management: £79.5 billion (December 2014: £78.4 billion)
Turnover of Stockbroking Activities: £687.9million (December 2014: £544.5 million)
Number of Accounts: 11,475 (December 2014: 11,889)
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: Emma Bailey, Director Investment Supervision and Policy Division
Tel: (01481) 712706 Fax: (01481) 726952
International Dialling Code: +44 1481
E-mail: [email protected]