Guernsey Funds’ Value Decreases by £7 Billion in Third Quarter

Guernsey’s financial regulator has disclosed that the aggregate capital invested in the island’s funds decreased by almost £7 billion during the period from July to September. The Guernsey Financial Services Commission (GFSC) reported that the overall valuation of the bailiwick’s funds stood at £288.8 billion by the close of September, representing a quarterly reduction of £6.9 billion, or 2.4%. Nevertheless, the GFSC noted that the total asset valuation remained “almost unchanged” when contrasted with the corresponding period of the previous year, showing a year-on-year decline of £100 million. According to a spokesperson for the GFSC, the primary factor contributing to this decrease was the “rising value of sterling, particularly against the US dollar.” The GFSC indicated that both open-ended and closed-ended investment vehicles experienced a decline in value during the year’s third quarter, although open-ended schemes registered a slight increase year-on-year. The commission also stated that the bailiwick’s green funds maintain £5 billion in investments, a figure that has remained steady.