Funds under management and administration in Guernsey grew by £10.2 billion ($20.3 billion) in the quarter ended 31 March 2007 to reach a total of £140.4 billion, up 8 per cent. The year-on-year increase was 26 per cent, to £29 billion. Closed-end funds saw the best growth, with increases of £7.9 billion (16 per cent) over the quarter and £22.6 billion (67 per cent) over the year to reach a new high of £56.4 billion, from record numbers of new funds. By the end of March 2007, a total of 8 registered closed-ended investment funds had received consent since the launch of the regime on 1 February 2007. Since 31 March a further 10 have received consent under this regime.