Guernsey’s funds industry is outperforming some of its nearest competitors, according to a statement by Peter Niven, the Chief Executive of Guernsey Finance.
According to figures released this week, the value of funds under management and administration in Guernsey reached GBP207.2bn at the end of June 2008 – up GBP3.4bn (1.7%) over the quarter and GBP51.6bn (33%) year on year despite the difficult market conditions.
By comparison, the value of Jersey’s funds business shrank by GBP1.8bn
(0.7%) during the second quarter of this year to reach GBP244.2bn at the end
of June. This is a rise of £33.8bn (16%) since the end of June 2007.
At that time Jersey had GBP54.8bn more funds business than Guernsey but one
year later and that gap has narrowed to just GBP36.9bn.
In the quarter ended 30th June 2008, 14 Qualifying Investor Funds were approved and a further 21 Registered Closed-ended Investment Funds received consent. Since 30th June a further 5 Registered Closed-ended Investment Funds had received consent.
Since inception of the QIF regime in February 2005, and as at 30th June 2008, a total of 205 QIF vehicles have received consent or approval. Since the introduction of the Registered Closed-ended Investment Fund regime in February 2007, and as at 30th June 2008, a total of 118 Registered Closed-ended Investment Funds have received consent under that regime.
Mr Niven commented:
“We thought our performance was strong considering the world economic
scene but it now looks even more encouraging when you consider that some of
our competitors such as Jersey have seen a reduction in the value of their business.
“At the moment Guernsey is very much bucking the trend and that is because
promoters and sponsors find our offering so attractive. Pragmatic regulation,
excellent corporate governance through a network of qualified non-executive
directors and a broad range of specialist professionals, including administrators,
who work as a team are some of the primary ingredients that make the Island’s
funds industry the success it has become.
“It is difficult to say now exactly what the figures will be for the third quarter but there is certainly a mood of optimism. We also know of some specific promoters who are well advanced in their plans which will keep the figures buoyant in the final quarter of the year. However, we’re not resting on our laurels. Guernsey Finance is stepping up its promotional activities through events such as the Guernsey Funds Forum in London and other more targeted initiatives," he further stated.
Peter Moffatt, Director of Investment Business at the Guernsey Financial Services Commission, added:
“These figures demonstrate, once again, that despite international uncertainties, Guernsey retains its status as a preferred domicile for investment funds”.
The Guernsey Funds Forum takes place at the Queen Elizabeth II Conference Centre, Westminster, London, on October 7, 2008.
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
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