The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 30 September 2013 by £19 billion (-6.6%) to £267 billion. For the year since 30 September 2012, total net asset values decreased by £7.4billion (-2.7%).
In addition to net outflows during the quarter Sterling strengthened against the US Dollar and Euro which had a large negative effect on the overall total funds under management in Sterling terms.
The gross asset value of Guernsey open-ended funds as at 30 September 2013 was £60.5 billion, implying an average gearing level of 35.6%. The gross asset value represents a decrease of £7.3 billion since 30 June 2013. In the closed-ended sector, the gearing level is lower, with gross asset values of £148.7 billion (June 2013: £153.8 billion) implying a gearing level of 12.4%. The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 14.6%, based on gross asset values of £103.6 billion (June 2013: £105.9 billion).
Asset Management and Stockbroking