There was particularly strong growth in the closed-ended sector, with 16 new funds established and an increase in value over the quarter of 9.6% to a high of £4.4 billion.
Although the number of authorised open-ended schemes fell by six, there were in fact a net two new funds authorised, the difference being due to the merger of eight existing authorised schemes into an existing umbrella fund. The number of classes of umbrella funds rose from 381 to 412. Investment flows remained positive, with net sales of £46 million virtually unchanged from the previous quarter. At 31 December funds under management totalled £8.4 billion, up 3%.
Over the calendar year 1995 total assets under management rose by 11.9%.
An Appendix which summarises and analyses the returns is attached.
GUERNSEY COLLECTIVE INVESTMENT FUNDS : STATISTICS APPENDIX 1.OPEN-ENDED SCHEMES At Number of Authorised Value of Schemes Number of Schemes (£mn) Registered Holders 31 Dec 1989 123 2,563 60,054 31 Dec 1990 156 3,069 67,767 31 Dec 1991 153 4,297 61,524 31 Dec 1992 158 5,462 68,721 31 Mar 1993 169 5,957 80,264 30 Jun 1993 174 6,166 82,702 30 Sep 1993 185 7,217 84,839 31 Dec 1993 194 8,310 88,721 31 Mar 1994 186 8,630 92,070 30 Jun 1994 194 8,358 90,442 30 Sep 1994 199 8,350 95,473 31 Dec 1994 201 7,879 93,660 31 Mar 1995 198 7,441 92,924 30 Jun 1995 198 8,010 98,536 30 Sep 1995 200 8,142 100,447 31 Dec 1995 194 8,389 103,853 During quarter Sales Repurchases Net Investment ended (£mn) (£mn) (£mn) 31 Dec 1989 512 260 252 31 Dec 1990 409 183 226 31 Dec 1991 619 263 356 31 Dec 1992 693 692 1 31 Mar 1993 915 801 114 30 Jun 1993 862 817 45 30 Sep 1993 1,124 706 418 31 Dec 1993 1,251 592 659 31 Mar 1994 1,404 975 429 30 Jun 1994 770 691 79 30 Sep 1994 652 700 (48) 31 Dec 1994 508 725 (217) 31 Mar 1995 499 619 (120) 30 Jun 1995 824 609 215 30 Sep 1995 622 579 43 31 Dec 1995 761 715 46 ANALYSIS BY TYPE, CLASS, ETC AT 31 DECEMBER 1995 Type Total Class A Class B OEIC UT Stock- Exchange Listed Securities Schemes 85 20 65 52 33 30 Umbrella Funds 72* 17 55 47 25 16 Govt & other Public Funds 16 5 11 7 9 1 Funds of Funds 6 1 5 6 - - Futures & Options Funds 3 - 3 3 - 1 Money Market Funds 3 1 2 2 1 - Feeder Funds 2 1 1 1 1 1 Other 7 - 7 3 4 2 TOTAL 194 45 149 121 73 51 * COMPRISING 412 SUB-FUNDS. Notes: Class A schemes are those which meet the Commission's Collective Investment Scheme Rules 1988 and are thereby eligible for recognition by the UK Securities and Investments Board for sale to the public in the United Kingdom by virtue of Guernsey's designation under Section 87 of the Financial Services Act 1986. Class B schemes are also authorised under the Protection of Investors Law 1987, and are subject to the Collective Investment Schemes (Class B) Rules 1990. OEIC - open-ended investment companies/UT - unit trusts 2.CLOSED-ENDED SCHEMES At Number of Value of Number of Stock- Schemes Schemes(£mn) Registered Holders Exchange Listed 31 Dec 1990 55 1,341 5,690 N/A 31 Dec 1991 68 2,111 6,069 27 31 Dec 1992 78 2,829 6,221 31 31 Mar 1993 79 2,824 6,455 31 30 Jun 1993 80 3,047 7,106 32 30 Sep 1993 84 3,149 5,916 32 31 Dec 1993 86 3,763 5,972 33 31 Mar 1994 89 3,643 6,332 35 30 Jun 1994 96 3,620 6,479 36 30 Sep 1994 101 3,574 6,773 36 31 Dec 1994 107 3,596 6,992 38 31 Mar 1995 113 3,225 7,760 39 30 Jun 1995 120 3,908 8,167 42 30 Sep 1995 124 4,056 7,547 42 31 Dec 1995 140 4,447 8,096 43 3.TOTAL FUNDS UNDER MANAGEMENT At Number of Value of Number of Stock- Schemes Schemes (£mn) Registered Holder Exchange Listed 31 Dec 1990 211 4,410 73,457 N/A 31 Dec 1991 221 6,408 67,593 59 31 Dec 1992 236 8,291 74,942 64 31 Mar 1993 248 8,781 86,719 65 30 Jun 1993 254 9,213 89,808 66 30 Sep 1993 269 10,366 90,755 68 31 Dec 1993 280 12,073 94,693 72 31 Mar 1994 275 12,273 98,402 78 30 Jun 1994 290 11,978 96,921 82 30 Sep 1994 300 11,924 102,246 84 31 Dec 1994 308 11,475 100,652 90 31 Mar 1995 311 10,666 100,684 90 30 Jun 1995 318 11,918 106,703 93 30 Sep 1995 324 12,198 107,994 93 31 Dec 1995 334 12,836 111,949 94
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Peter Crook, Director General, Tel:(01481) 712801,Fax:(01481) 712010 (International dialling: 44-1481.
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