FUNDS UNDER MANAGEMENT GROW
FIRST STATISTICS FOR NON-FUND INVESTMENT SECTOR RELEASED
The net asset value of total funds under management and administration grew by £11.9 billion (7%) over the quarter ended 30 September 2009 to £181.5 billion. For the year since 30 September 2008, total net asset values decreased by £19.9 billion (9.9%).
Within these totals, Guernsey domiciled open-ended funds increased by £900 million (1.2%) over the quarter to reach £51.5 billion. This represents a decrease of £14.2 billion (21.6%) over the year since 30 September 2008. The closed-ended sector saw significant growth over the quarter, with an increase of £7.2 billion (9.7%) to reach £81.1 billion. This represents a decrease of £4.8 billion (5.6%) over the year since 30 September 2008. Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, increased by £3.8 billion (8.4%) over the quarter to reach £48.9 billion. Since 30 September 2008 the net asset value of this sector has fallen £900 million (1.8%).
The gross asset value of Guernsey open-ended funds as at 30 September was £59.2 billion, implying an average gearing level of some 15%. The gross asset value represents an increase of £2.2 billion since 30 June 2009 (the first quarter for which this information was reported to the Commission). In the closed-ended sector, as would be expected, the gearing level remains higher, gross asset values of £102 billion (June 2009: £97 billion) implying a gearing level of just over 25%. The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 14%, based on gross asset values of £56 billion (June 2009: £48 billion).
The detailed statistics are available here.
Asset Management and Stockbroking
Historically, the focus of statistics gathered from investment firms has been on the investment fund sector. The Commission recognises that there is a growing number of non-fund firms regulated in Guernsey who are providing services such as asset management and stock broking.
Earlier this year the Commission and the investment sector consulted on the introduction of statistical returns for the non-fund sector and this is the first quarter for which the results are available.
Returns were provided by 75 firms confirming:
Gross Assets under Management: £49.5 billion
Turnover of Stockbroking Activities: £222.6 million
Number of Accounts: 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]