Last week I reported that the net asset value of funds under management in Guernsey had declined for the second quarter in a row, down £10.2 billion (3.7%) to £264.1 billion from October to December, but despite this had still shown an overall annual growth of £4 billion.
Rival fund centre Jersey has just released its December statistics, which show an increase in the number of funds registered in the last quarter, but a £4.3 billion decrease in asset value, to £189.4 billion. This means that over the 12 months to December 2011, Jersey's fund industry grew by 2.5% in asset value terms, and by 5.1% in fund numbers.
The fact that the fund numbers are increasing is a good sign for the industry, tending to show that Jersey remains attractive as a location for fund structures, but the underlying asset values are clearly experiencing some volatility due to the Eurozone crisis and other macro-economic difficulties.
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