Managed funds hit £178bn high

Thursday 28th February 2008, 2:30PM GMT.

GuernseyFinance chief executive Peter Niven

THE fund business is flourishing in Guernsey. The total value under management and administration has reached a record £178.2bn.

The total grew by £48bn during 2007 and £13.7bn of that was during the final three months. GuernseyFinance chief executive Peter Niven said it was an excellent set of results.

‘The figures are particularly impressive considering the significant market turbulence that we saw during quarter three of last year, carried over into the final three months of 2007 and the start of the new year,’ he said. ‘Given these conditions, the strength of business flows has held up very well and in all honesty surpassed expectations.’