THE third-quarter increase for funds under management in Guernsey is a good sign but no guarantee the economic troubles are over.

That is the view of Guernsey Investment Funds Association chairman Grant Cameron (pictured), who feels an uncertainty in the markets remains, despite the 7% rise to £181.5bn in the value of investment funds between the end of June and the end of September this year.

‘The increase is pleasing to see but largely represents an increase in market value of the existing funds as we have not seen a significant amount of new Guernsey funds being launched over this period.

‘While the industry welcomes this upturn, there is still a great deal of uncertainty which makes any predictions very difficult.’

The increase comes after several quarters of decline, and when compared to the position at the end of September 2008, actually represents a fall of £20bn.