But although this represents a decrease of £3.6bn (1.3%) year on year it is up £46.6bn (20.8%) on the same time two years ago, and an increase of £101.2bn (59.6%) since the end of June 2009, according to the new figures from the Guernsey Financial Services Commission (GFSC).
Chief executive of Guernsey Finance Fiona Le Poidevin said: “It is encouraging to see that the Guernsey funds sector is showing some stability during what remains an uncertain time for the global economy but it is also a reminder that it will be a case of making slow and steady progress down the long road to recovery.
“These figures are based on the values of assets within the funds and so they will, to a large extent, reflect the wider market conditions at a particular point in time, in this case the end of June.”
She added that there was an continuation of longer term trends such as the decrease in Guernsey open ended business being offset by marginal growth in the servicing of non-Guernsey open ended schemes and “the more notable increase” in work related to Guernsey closed ended funds.
One example was Coller Capital announcing the final closing of its latest Guernsey fund, Coller International Partners VI, with commitments of $5.5bn.
The new figures from the GFSC further show that Guernsey domiciled open-ended funds reached a net asset value of £53.1bn at the end of June 2012, which was a decrease of £2.7bn(4.8%) during the quarter and down £5.9bn (10%) year on year.
The Guernsey closed-ended sector was valued at £126.1bn at the end of June – up £2.2bn (1.8%) during the second three months of 2012 and up £3.8 billion (3.1%) compared to twelve months earlier.
Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the island, grew by £1.2bn (1.3%) during the quarter to reach £91.6bn at the end of June 2012, which is £1.5bn (1.6%) lower than the value at the end of June 2011.
There were four Guernsey open ended funds approved in the quarter but eight lost, the closed ended sector saw 14 new licences approved and nine surrendered and there were seven new licences issued for non-Guernsey schemes and three funds lost.
Horace Camp, chairman of the Guernsey Investment Fund Association, said: “Our fund administrators, custodians and support services are reporting that there is a steady flow of new business, although nothing like at the volumes experienced several years ago. Indeed, the general economic malaise, particularly in the Eurozone, does mean that we need to be cautious but overall we have had a positive first half of 2012.”
The total gross asset value of all Guernsey and non-Guernsey schemes decreased by £3bn (0.9%) during the second quarter but increased £4.9 billion (1.5%) year on year to reach £316.9 billion at the end of June 2012.
