Funds put Jersey in the shade
Wednesday 10th September 2008, 2:30PM BST.
GUERNSEY’S funds industry is outperforming its nearest competitor, according to GuernseyFinance.
A year ago, Jersey had £54.8bn more funds business than Guernsey, but the gap has narrowed to £36.9bn, said chief executive Peter Niven, pictured.
The value of funds under management and administration in Guernsey had reached £207.2bn at the end of June 2008 – up £3.4bn (1.7%) over the quarter and £51.6bn (33%) year on year despite the difficult market conditions.
By comparison, Jersey’s funds business shrank by £1.8bn (0.7%) during the second quarter of this year to stand at £244.2bn at the end of June. This is a rise of £33.8bn (16%) since the end of June 2007.
‘We thought our performance was strong considering the world economic scene, but it now looks even more encouraging when you consider that some of our competitors, such as Jersey, have seen a reduction in the value of their business,’ said Mr Niven.
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Mr Niven
The fourth quarter stats is what we are all wanting to know about. No comment will be made about these though because it won’t make easy reading.
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