THE total value of funds business in Guernsey crept up towards the end of 2012.

The net asset value of funds under management and administration in the island grew by £2.4bn (0.8%) during the fourth quarter of the year, a marginal slowdown on the £13bn growth recorded during the first nine months of the year. The total value of funds business was £276.8bn at the end of 2012.

Horace Camp, chairman of the Guernsey Investment Funds Association, pictured, admitted that he had expected the figures to be worse. But the industry was well placed to capitalise on any upturn in business, he added.

Fiona Le Poidevin, chief executive of Guernsey Finance, described four consecutive quarters of growth as ‘very encouraging’.