Guernsey Financial Services Commission has reported fourth quarter 2013 statistics for investment fund sector.
The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 31 December 2013 by £1billion (-0.3%) to £266 billion.
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For the year since 31 December 2012, total net asset values decreased by £10.8billion (-3.9%).
Within these totals Guernsey domiciled open-ended funds decreased by £2.9billion (-6.5%) over the quarter to £41.7 billion. This represents a decrease of £8.6 billion (-17.1%) over the year since 31 December 2012.
There were significant net outflows from the open-ended fund sector during the quarter which, together with the continued strengthening of Sterling against the US Dollar and Euro, contributed to the decrease on the overall total funds under management in Sterling terms.
The closed-ended sector however, increased over the quarter, by £3.8 billion (2.9%) to reach £136.1 billion. This represents an increase of £5.1 billion (3.9%) over the year since 31 December 2012.
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By GlobalDataNon-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £2.3 billion (-2.5%) over the quarter to £88.1 billion. Since 31 December 2012 the net asset value of this sector has decreased by £7.4 billion (-2.4%).
The gross asset value of Guernsey open-ended funds as at 31 December 2013 was £55.3 billion, implying an average gearing level of 32.6%. The gross asset value represents a decrease of £5.2 billion since 30 September 2013.
In the closed-ended sector, the gearing level is lower, with gross asset values of £150.9 billion (September 2013: £148.7billion) implying a gearing level of 10.9%. The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 10.5%, based on gross asset values of £97.4 billion (September 2013: £103.8 billion).
Explanatory notes for Asset Management and Stockbroking Statistical Information
Gross Assets under Management means the gross assets of all managed accounts held by the licensee. This will include both discretionary and non-discretionary managed accounts but excludes execution only type business.
Turnover of Stockbroking Activities means the value of stockbroking activities undertaken by the licensee during the quarter and includes the total consideration, including commission, relating to these activities.
Number of accounts includes the number of clients with which the licensee has an agreement to provide investment business services within the scope of the licence issued under the Protection of Investors (Bailiwick of Guernsey) Law, 1987. This covers, but is not limited to, discretionary and non-discretionary accounts, advisory accounts, stockbroking accounts and portfolio management accounts.
