Guernsey's Funds Under Management Continue To Grow
It was announced this week that funds under management and administration
in Guernsey have grown by GBP25.6bn (14.4%) over the quarter ended 31st March
2008, reaching a total of GBP203.8bn. This means that for the year since 31 March 2007, values have increased by
GBP63.4bn, an increase of 45.2%. Within these totals, Guernsey domiciled open-ended funds grew by GBP2.3bn (3.2%)
over the quarter, and by GBP12.8bn (21.8%) over the year since 31 March 2007,
to reach a new record total of GBP71.5bn. The closed-end fund sector has also seen significant growth, with increases
of GBP2.6bn (3.4%) over the quarter and GBP22.6bn (40%) over the year since
31st March 2007, reaching GBP79bn - also a new record. Non-Guernsey schemes, for which some aspect of management or administration
is carried out in the Bailiwick, have increased by GBP20.7bn (63.4%) over the
quarter and by GBP28bn (106.7%) over the year since 31 March 2007, reaching
a new high of GBP53.3bn. The significant increase in the value of these funds results from the large
number of new Non-Guernsey schemes that entered into service level agreements
with local licensees during the last quarter of 2007 and the first quarter of
2008. In the quarter ended 31 March 2008, 18 Qualifying Investor Funds were approved
and a further 10 Registered Closed-ended Investment Funds received consent.
Since 31st March, a further 7 Qualifying Investor Funds and 6 Registered Closed-ended
Investment Funds completed the application process. Since inception of the QIF regime in February 2005, and as at 31st March 2008,
a total of 191 QIF vehicles have received consent or approval. Since the introduction
of the Registered Closed-ended Investment Fund regime in February 2007, and
as at 31 March 2008, a total of 92 Registered Closed-ended Investment Funds
have received consent under that regime. Peter Moffatt, Director of Investment Business at the Guernsey Financial Services
Commission, commented that: “Following the record level of fund approvals seen in 2007 it is encouraging
to see that the levels of new business are holding up well. There is a continuing
flow of enquiries and expressions of interest from both new promoters and promoters
already represented through their existing Guernsey funds." "These figures are
evidence, despite global market turbulence, of continuing confidence in the
Guernsey investment fund sector." A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts 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
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