Total collective investment funds under management rose by nearly 1% over the third quarter to reach a new high of £19.1 billion. A modest fall of £296 million (2.3%) to £12.2 billion in the value of open-ended funds was more than offset by a rise of £470 million (7.3%) to £6.9 billion in closed-ended funds under management.
Further growth in the closed-ended sector is expected following the recent initiative to extend the permitted use of protected cell companies to include closed-ended collective investment funds.
New business was brisk over the quarter ended 30 September 1999 with the total number of Guernsey funds increasing by a net 14 to a peak of 423, the largest increase recorded since the quarter ended 31 December 1997.
The number of separate sub-funds in the open-ended sector also reached a new high of 529.
Detailed statistical analysis is available on our website
For further information please contact Nigel Taylor, MSI, Director of Investment Business or Carl Rosumek, ACA, Deputy Director of Investment Business
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.