GUERNSEY’S fund industry is still in good shape, despite latest figures showing a decline in net asset values, according to Carey Olsen’s corporate partner.

Tom Carey (pictured) responded after the Guernsey Financial Services Commission released statistics that showed total asset values, including non-Guernsey schemes, had fallen by 3.5% from the end of March.

However, the number of schemes has risen by 4.1% after remaining relatively static for the last year.

‘We’re seeing an upturn in activity at the moment from clients who have a track record for making money in recessionary times,’ said Advocate Carey, a partner in the firm.

‘These clients are marketing a number of fund products investing in a variety of asset classes, so there is clearly an opportunity to make money if the market can be timed correctly.’

He said property, technology and emerging market debt and equity were once again back as popular asset classes.

Fellow partner Ben Morgan has also noticed an improvement in the market. ‘We have been very successful in client wins this year and have picked up a number of big name clients in competitive pitches and following service level reviews,’ he said.

Advocate Morgan said clients looked to their legal counsel for solutions on a more regular basis during difficult times.