Guernsey Fund Industry Shows Substantial Growth, Says Fitzrovia

by Philip Morton, Investors Offshore.com

03 November 2003

Guernsey's fund servicing industry grew by $11.5 billion, representing an increase of 22%, over the last year, according to fund research firm, Fitzrovia International.

Releasing its latest research last week, Fitzrovia revealed that as at June 30, 2003, the total fund assets serviced on the island had reached $62.5 billion.

According to the new figures, Guernsey International Fund Managers (GIFM) is the largest fund administrator on the island (with assets of $13.2 billion under administration), pipping both Credit Suisse Fund Administration and Royal Bank of Canada to the post.

Fitzrovia also revealed that Carey Olsen (created by the merger of Carey Langlois and Olsen Ferbrache Morgan) is the new leading provider of legal advice to funds, and that KPMG remains the largest auditor of funds serviced in Guernsey.

Assets invested in Guernsey-domiciled funds of funds increased from $7.7 billion to $12.3 billion in the year to June 30, with around $8 billion (64%) of that thought to be in funds of hedge funds, according to Fitzrovia.

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