Value of Guernsey funds drops £7bn in three months

Guernsey’s funds were worth more than £288bn in total by the end of September

The total amount of money invested in Guernsey funds dropped by nearly £7bn between July and September, the island's financial regulator has revealed.

Guernsey Financial Services Commission (GFSC) said the total value of the bailiwick's funds was £288.8bn at the end of September, a drop of £6.9 bn (-2.4%) in the last quarter.

However, the total assets figure is "almost unchanged" compared to the same time last year with a decrease of £100m year-on-year, it said.

A spokesperson for GFSC said the main reason for the drop was the "rising value of sterling, particularly against the US dollar".

GFSC said both open-ended and closed-ended investment schemes had dropped in value during the third quarter of the year, although open-ended schemes were up slightly year-on-year.

The bailiwick's green funds have £5bn invested in them, which has stayed steady, the commission said.