Positive quarter for island's funds industry

Guernsey-domiciled open-ended funds increased by £1bn (2.5%) over the quarter to £41.7bn, although over the past 12 months there was a £2.9bn (6.5%) slide.

The closed-ended sector was marginally up at £135.8bn (0.1%), and up over the 12 months by £3.5bn (2.6%).

The value of non-Guernsey schemes, where management, administration or custody is carried out in the Bailiwick, fell £1.5bn over the quarter and is down £7bn over the year at £83.4bn.

Overall in the quarter the net asset value of total funds under management and administration decreased slightly by £0.4bn (-0.15%) to £260.9bn. There was a 2.3% (£6.1bn) fall over the 12-month period.

Joe Truelove, pictured, head of fund services at Carey Group, said that there were no real surprises in the latest figures.

'The investment fund statistics demonstrate stability of the industry and lack of movement in assets under management,' he said.