Speaking on Tuesday, chief executive of Guernsey Finance, Peter Niven suggested that the increase in fund business in Guernsey demonstrated by statistics for the first quarter of 2005 is nothing short of "exceptional".
According to Mr Niven, the overall total of funds under management increased by 24.5% during the year, to just under £60bn. The Investment Division of the Guernsey Financial Services Commission has reported a 41% increase in open-ended funds and a 22.4% increase in closed ended funds, to £36.3bn and £23.6bn respectively.
He observed that: "These statistics are a clear endorsement of Guernsey as the jurisdiction of choice for fund promoters and reflects the island's strength in attracting new Hedge Funds and Property Funds in particular," continuing:
"The funds figures released this week are exceptional and clearly show that Guernsey remains the jurisdiction of choice for many substantial fund promoters. The consistent growth of the industry on the island since 1999 is reflected in the statistics and endorses the professional infrastructure and regulatory regime that attract new business to the island."
A comprehensive report in our Intelligence Report series examining offshore investment, 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
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