Guernsey net asset values up 40%, report shows

Total net asset values in Guernsey-domiciled funds increased by almost 40 per cent in 2010, new figures have shown.

In its latest quarterly report, the Guernsey Financial Services Commission revealed that the total rose to £73.2 billion over the course of the year, a jump of 39.7 per cent.

Meanwhile, the net asset value of total funds under management and administration rose by £14.3 billion over the fourth quarter, finishing the year on £257.4 billion.

The statistics went on to show that open-ended funds increased by £4.4 billion in the last three months of 2010, while the closed-ended sector increased by £3.6 billion over the same period.

Over the course of the last year, these two types of funds shot up by £7.2 billion and £24.1 billion respectively.

Non-Guernsey schemes increased by £6.3 billion over the final quarter of 2010 and £41.9 billion during the year as a whole.

Peter Niven, chief executive of Guernsey Finance, the promotional agency for the Island's fund industry, said: "It is extremely pleasing to see us move past the £250 billion mark. Our funds industry has bounced back very well from the global financial crisis and in recording six consecutive quarters of solid growth we have clearly outstripped some of our closest competitors."ADNFCR-2318-ID-800445570-ADNFCR