Funds rise is good for whole island
Friday 8th August 2008, 2:29PM BST.
Charles Parkinson. (0575708)
GUERNSEY’S growing funds business is not just good news for the finance industry, according to Treasury minister Charles Parkinson.
It was announced on Wednesday that the value of funds under management and administration had grown by £3.4bn for the quarter ending 30 June to reach a total of £207.2bn.
And although the rate of increase had slowed quite substantially compared to six months previously, Deputy Parkinson said it was important not to look only at the effects it has on one industry.
He said increased performance of this degree would benefit other sectors, with those employed in fund management and administration, for example, undoubtedly spending money elsewhere.
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