Second Quarter 2018
The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 30 June 2018 by £13 billion (4.94%) to £276 billion. For the year since 30 June 2017, total net asset values increased by £5 billion (1.9%).
Within these totals, Guernsey domiciled open-ended funds increased by £1.4 billion (3.4%) over the quarter to £43.2 billion. This represents a decrease of £0.7 billion (-1.6%) over the year since 30 June 2017.
The closed-ended sector increased over the quarter by £0.4 billion (0.22%) to £168.2 billion. This represents an increase of £1 billion (0.61%) over the year since 30 June 2017.
Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, increased by £11.9 billion (22.4%) over the quarter to £64.7 billion. Since 30 June 2017, the net asset value of this sector has increased by £4.9 billion (8.07%).
Gross Asset Values and Gearing
The gross asset value of Guernsey open-ended funds as at 30 June 2018 was £57.2 billion, implying an average gearing level of 27.88%. The gross asset value represents an increase of £854 million since 31 March 2018.
In the closed-ended sector, the gearing level is lower, with gross asset values of £183.7 billion (March 2018: £182.3 billion) implying a gearing level of 8.80%.
The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 0.15%, based on gross asset values of £64.8 billion (March 2018: £53 billion).