The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 30 June 2014 by £2.9 billion (-1.1%) to £261.3 billion. For the year since 30 June 2013, total net asset values decreased by £24.7 billion (-8.6%).
Within these totals Guernsey domiciled open-ended funds decreased by £1.9 billion (-4.4%) over the quarter to £40.7 billion. This represents a decrease of £9 billion (-18.1%) over the year since 30 June 2013.
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The closed-ended sector decreased over the quarter, by £0.8 billion (-0.5%) to £135.7 billion. This represents a decrease of £1.8 billion (-1.3%) over the year since 30 June 2013.
Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £0.2 billion (-0.2%) over the quarter to £84.9 billion. Since 30 June 2013 the net asset value of this sector has decreased by £13.9 billion (-14.1%).
The gross asset value of Guernsey open-ended funds as at 30 June 2014 was £54.9 billion, implying an average gearing level of 34.8%. The gross asset value represents a decrease of £1.9 billion since 31 March 2014. In the closed-ended sector, the gearing level is lower, with gross asset values of £148.6 billion (March 2014: £148 billion) implying a gearing level of 9.5%. The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 9.1%, based on gross asset values of £92.6 billion (March 2014: £99.3 billion).
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