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Guernsey reports record fund business

Guernsey&#39s fund management business is booming with investment levels reaching record heights according to figures released by the island&#39s Financial Services Commission.

For the three months to June 30,1999 the offshore centre has seen the total number of funds rise to 409 from 399 the previous quarter.

The value of open-ended funds now total £12.5bn and closed-ended funds total £6.5.

Guernsey Financial Services Commission director of investment business Nigel Taylor says: &#34The Guernsey fund industry is to be congratulated on these impressive results which have been achieved despite an increasingly competitive environment.&#34


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