The closed-ended sector was the biggest contributor to growth increasing by £9.0 billion (6.4%) to £149.6 billion and by £14.7 billion (10.9%) for the year. Guernsey domiciled open-ended funds also increased by £1.4 billion (3.6%) over the quarter to £40.4 billion although this represents a slight decrease of 1.7% on the same point in 2015.
Non-Guernsey schemes (open-ended funds not domiciled in Guernsey but with some aspect of their management, administration or custody carried out on the island) remain at £48 billion marking an increase of £1.8 billion (4.6%) for the year.
Dominic Wheatley, Chief Executive of Guernsey Finance (the promotion agency for the Island’s finance industry) said: "It is encouraging that our funds business remains robust in difficult trading conditions. The latest figures mark the third consecutive quarter that we have seen an overall increase in the value of funds under management. Guernsey practitioners are certainly reporting a great deal of interest from promoters and sponsors in harnessing our experience and expertise in the funds arena."
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