According to figures recently released by the Guernsey Financial Services Commission, funds under management and administration grew by GBP13.7bn (8.3%) over the quarter ended 31st December 2007, to reach a total of GBP178.2bn.
Over the year as a whole, values increased by GBP48bn, an increase of 36.9%.
The FSC went on to explain that within these totals, Guernsey domiciled open-ended funds grew by GBP4.2bn (6.4%) over the quarter, and by GBP12.6bn (22.2%) over the year as a whole, to reach a new record total of GBP69.2bn. The closed-end fund sector also saw significant growth, with increases of GBP8.8bn (13%) over the quarter and GBP27.9bn (57.5%) over the year as a whole, to reach GBP76.4bn, also a new record.
Non-Guernsey schemes, for which some aspect of management or administration is carried out in the Bailiwick, increased by GBP757m (2.4%) over the quarter and by GBP7.5bn (30%) over the year to reach a new high of GBP32.6bn.
In the year to 31st December, the FSC revealed that a total of 80 Qualifying Investor Funds were approved, and a further 82 Registered closed-ended investment funds had received consent. Since 31st December, a further 10 Qualifying Investor Funds and 7 Registered Closed-ended Investment Funds have received authorisation or consent under these regimes.
Since inception of the QIF regime in February 2005, a total of 183 QIF vehicles have received consent or approval. Since the introduction of the Registered Closed-ended Investment Fund regime in February 2007, a total of 89 Registered closed-ended investment funds have received consent under that regime.
Peter Moffatt, Director of Investment Business at the Guernsey Financial Services Commission, observed that:
“New fund approvals ran at record levels during 2007. These figures are evidence, despite global market turbulence, of continuing confidence in the Guernsey investment fund sector."
"The Qualifying Investor Fund and Registered Closed-ended Investment Fund Regimes continue to be extensively used by local firms to service the needs of their fund promoter clients."
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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