Investment funds hit record £60bn

Total funds under management and administration in Guernsey have topped £60bn for the first time.

The latest figures from the Guernsey Financial Services Commission show an increase of £17.2bn since March last year.

Open-ended funds, those with unlimited shares, increased in value by £9.2bn, up more than 55%.

The value of close-ended funds, with limited shares, went up by £1.6bn over the year.

The value of non-Guernsey schemes administered in part from Guernsey increased by 69.5% to £6.4m.

While some of the growth is down to general market recovery, the success is also being put down to the attractions of Guernsey as an international fund centre.