THE value of funds under management and administration in Guernsey is £20bn down on a year ago and now stands at £181.5bn.

That is despite 7% growth, or £12bn, over the three months to the end of September.

GuernseyFinance chief executive Peter Niven (pictured) said the figures from the Guernsey Financial Services Commission showed there was now some light at the end of a long tunnel.

‘Guernsey is picking up business and is very well placed to win more due to its comprehensive menu of options, including being able to offer a variety of structures, several different regulatory processes, administration and custody providers and high quality professional services.’

Within these figures Guernsey domiciled open-ended funds reached a net asset value of £51.5bn at the end of September, which is a rise of £900m. during the quarter, but down £14.2bn year on year.

The closed-ended sector was valued at £81.1bn by the end of the third quarter – up nearly 10% at £7.2bn during the three months to the end of September, but a decline of £4.8bn compared to 12 months previously.