The value of investment fund business in Guernsey grew by GBP18.9bn (8.4 per cent) during the third quarter of this year.
The increase means that there have now been five consecutive quarters of growth and it has taken the net asset value of funds under management and administration in the island to a new record high of GBP243.1bn at the end of September 2010.
This is an increase of GBP61.6bn (33.9 per cent) on the same time in 2009.
Peter Niven, chief executive of Guernsey Finance, the promotional agency for the island’s finance industry, says: “I am extremely pleased to see that the momentum we picked up in the second half of 2009 is continuing through 2010. It has been a somewhat challenging time but these figures support our feeling that the sector is proving more than resilient and in fact is very well placed to maintain this growth moving into 2011.”
The figures from the Guernsey Financial Services Commission show that Guernsey domiciled open-ended funds reached a net asset value of GBP53.5bn at the end of September, which was a rise of GBP0.2bn (0.4 per cent) during the quarter and an increase of GBP2bn (3.9 per cent) year on year.
The Guernsey closed-ended sector was valued at GBP105.9bn at the end of September – up GBP11.9bn (12.7 per cent) during the third three months of 2010 and rose GBP24.8bn (30.6 per cent) compared to 12 months previous.
Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the island, increased by GBP6.8bn (8.8 per cent) during the quarter to reach GBP83.7bn at the end of September 2010, which is GBP34.8bn (71.2 per cent) higher than the value at the end of September 2009.