£5.8bn fall ‘not bad in the circumstances’

Friday 28th November 2008, 2:30PM GMT.

A FALL of £5.8bn in the value of funds under management in the island was a decent return, according to Guernsey Investment Funds Association chairman Grant Cameron (pictured).

He said that in view of the current credit crunch and the sub-prime crisis that went before it, a fall had to be expected.

The 2.8% reduction for the quarter ending September took the total value of funds under management and administration in the island to £201.4bn.

However, he said it would be difficult to estimate when the corner might be turned in future. ‘Nobody really knows. The funds under management will only start to show large increases again once the global economy starts to recover.

‘It [the fall of £5.8bn] is fairly good, considering the environment.’

The latest figures also showed that the value of Guernsey-domiciled closed-ended funds grew by £1.1bn over the quarter to reach £85.9bn.

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View more: Credit Crunch news, Financial Crisis news, Recession news.

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Local Depositor

November 30, 2008 at 7:31 pm

Unless and until the States grasp the nettle and show that, like in the UK, not one local Guernsey man or woman, as a retail saver has lost money in the failure of the Landsbanki group, then the capital flight will continue.

And that means everyone’s job’s will be that little less secure.

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