Guernsey Funds Under Management - Fourth Quarter Data

The net asset value of Guernsey-domiciled funds increased by £3.6 billion (12%) to a total of £33.2 billion at 31 December 2001. Within the total, the value of open-ended increased by £1.4 billion (10%) to a total of £15.7 billion and that of closed-ended funds increased by £2.2 billion (14%) to a total of £17.5 billion. Over the year as a whole, the value of open-ended funds increased by 6% and the value of closed-ended funds increased by 50%, with the result that total funds under management increased by 26%.

As noted in the statement accompanying Guernsey's third quarter data (See - www.gfsc.guernseyci.com), the figures for end September were strongly affected by the terrible events of 11 September. As markets recovered from those events, some rebound in fund values had been expected. In addition, there was continuing flow of new fund authorisations; at end-December the overall total and that of closed-end funds exceeded the previous highs recorded at 30 June, and the open-ended fund total fell only £340 million short of the June peak.

During the year a total of 87 new funds were authorised (2000:95) along with 48 new classes of existing umbrella funds and protected cell companies (2000:75).

The overall figures show that, despite very significant market set backs during the course of 2001, there has been a very strong net inflow of new business to the Bailiwick. The value of non-Guernsey open-ended schemes administered in the Bailiwick also increased, over the quarter by £80 million, and over the year by £1.2 billion.

Enquiries to:
Peter Moffatt, Director of Investment Business
Carl Rosumek, Deputy Director of Investment Business
Tel: +44 1481 712706
Fax: +44 1481 712010

For a full version of this press release, please visit www.gfsc.guernseyci.com