Fitzrovia Report Highlights 15% Growth In Guernsey Funds Industry
Research by Fitzrovia International has revealed a 15.5% increase in the number
of funds serviced in Guernsey in the year to June 30, 2004.
According to the ‘Guernsey Fund Encyclopaedia’ the total number
of funds and sub funds has risen to 1,133 from 981, with Guernsey becoming a
centre for more specialised funds such as private equity/venture capital where
assets stand at US$40.1 billion in 125 domiciled funds. Furthermore, assets invested in funds of funds stand at US$24.5 billion (of
which funds of hedge funds make up around US$16.5 billion) in 263 funds domiciled
on the Island. Fitzrovia found that Guernsey International Fund Managers has maintained its
position as the largest fund administrator in Guernsey, now administering US$25.2
billion assets, ahead of Royal Bank of Canada (US$15.6 bn) and International
Private Equity Services (IPES) (US$14.0 bn). Other findings show that the Royal Bank of Canada is the new leader in terms
of assets under custody in Guernsey, servicing US$ 16.5 billion in assets. Barings
(US$8.1 bn) and Credit Suisse (US$7.7 bn) are the next largest. Meanwhile, the largest promoter of funds of hedge funds domiciled on the Island
is Financial Risk Management (FRM) with US$12.4 billion of assets under management.
The largest promoter of private equity/venture capital funds is Permira, with
US$11.7 billion of assets under management domiciled in Guernsey. Among professional firms, KPMG is still the largest auditor of Guernsey-serviced
funds, auditing 310 funds, although the gap has narrowed with PricewaterhouseCoopers now auditing 292 funds. “The numbers posted across all participants clearly indicate that the
Guernsey funds industry is vibrant, globally competitive and well positioned
to see continued growth in the future,” commented Ron Nutter, VP and Global
Head of Corporate and Institutional business at the Royal Bank of Canada. “The AUA growth in the alternative investments sector is a clear indication
of the confidence in the professional skill set and knowledge base in Guernsey
custody and fund administration participant,” he added. A comprehensive report in our Intelligence Report series examining offshore investment funds, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.