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Guernsey funds see seven per cent rise in value in Q3

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The value of investment funds in Guernsey grew by GBP12bn, or seven per cent, in the third quarter of 2009, according to figures from the Guernsey Financial Services Commission.

This is a reverse of the trend experienced during the previous 12 months and takes the net asset value of funds under management and administration in Guernsey to GBP181.5bn at the end of September.

However, this still represents a contraction of GBP20bn (ten per cent) year on year.

Tom Carey (pictured), partner at law firm Carey Olsen, says the results support the growing optimism recently shown by many practitioners in the island.

“These figures back up what were are seeing at the coal face. We have seen clients’ funds produce positive returns for the year as the economic situation has improved. Some are seeing top end double digit gains from their lows of last year.

“In addition we are optimistic for an upturn in new fund business. We have recently closed a private equity fund focussed on renewable energy and have a number of funds scheduled for launch either before or shortly after the Christmas period.”

At the end of September, Guernsey domiciled open-ended funds reached a net asset value of GBP51.5bn, which is a rise of GBP0.9bn (1.2 per cent), whilst the closed-ended sector was valued at GBP81.1bn by the end of the third quarter – up GBP7.2bn (9.7 per cent).

The GFSC figures show that the gross asset value of Guernsey funds reached GBP217.2bn at the end of September. This is a rise of GBP15.2bn (7.5 per cent) from the end of June.

Peter Niven, chief executive of Guernsey Finance, the promotional agency for the island’s finance industry, says: “It is very pleasing to see that there is some light at the end of what has been a long tunnel. Many firms in the Guernsey funds sector have been reporting an upturn in business during the last few months and this is now being endorsed by the figures from the cCommission.

“It is still early days but hopefully we are starting to see confidence return to the markets. There is a growing feeling that asset values have bottomed and that now is the time to invest for the future through an increasing number of new vehicles.”
 
Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the island, saw growth of GBP3.8bn (8.4 per cent) during quarter three to reach GBP48.9bn. However, this is GBP0.9bn (1.8 per cent) below the value at the end of September 2008.

The GFSC figures also show that the gross asset value of all Guernsey funds reached GBP217.2bn at the end of September. This is a rise of GBP15.2bn (7.5 per cent) from the end of June, which was the first quarter for reporting the information.

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