The value of investment fund business in Guernsey grew by GBP2.8 billion (1.28 per cent) during the first quarter of this year. It means the net asset value of all funds under management and administration in Guernsey now stands at GBP222.2 billion.
Statistics from the Guernsey Financial Services Commission (GFSC) also show that there were 25 new investment funds approved during the first quarter of 2015.
Dominic Wheatley, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, says: “It is encouraging to see strong growth in the Guernsey funds sector at the start of this year – not only in terms of the net asset value of funds under management and administration but also in the number of new funds approved in the quarter.
“With this news coming just a month after we hosted the best-ever attended Guernsey Funds Forum in London, with more than 500 delegates, it reinforces Guernsey’s attractiveness as a leading funds centre.”
The 25 new investment funds approved by the GFSC between the start of January and the end of March comprised two open-ended funds, 14 closed-ended funds and nine non-Guernsey open-ended schemes, meaning the total number of funds currently approved for domiciling or servicing in Guernsey stands at 1,053 – up five from the position at the end of last year. It also means that for the 12 months to the end of March, there were 136 additions in total.”
Guernsey open-ended funds increased in value by GBP1.4 billion (3.5 per cent) to GBP41.1 billion, while Guernsey closed-ended funds decreased by GBP0.9 billion (-0.7 per cent) to GBP134.9 billion. Non-Guernsey schemes – open-ended funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the Island – increased in value by GBP2.3 billion (5.2 per cent) during the first quarter to reach GBP46.2 billion.
In addition data from the investment management and stockbroking sector confirmed total gross assets under management in Guernsey of GBP109 billion – a rise of GBP3.8 billion (8 per cent) over the quarter.
