FUNDS business in Guernsey continues to grow, with a £3.6bn increase in value over the third quarter of the year.

The rise built on growth of £9.4bn during the first half of the year to take the total net asset value of funds under management and administration to £274.4bn at the end of September.

Business has grown 1.2% year on year, 12.8% in the past two years and more than 50% – representing growth in advance of £90bn – since September 2009.

Fiona Le Poidevin, chief executive of Guernsey Finance, pictured, called the figures ‘encouraging’.

‘We have now enjoyed three consecutive quarters of growth since the beginning of 2012 and we hope that this trend will continue. It shows confidence in our services at a time when market conditions, particularly in the eurozone, remain challenging and investors continue to display a certain degree of caution,’ she said.