The fifth and latest edition of the Guernsey Fund Encyclopaedia has been published by investment fund research company Fitzrovia International and shows that the Guernsey fund industry has experienced significant growth in 1999 following a slow year in 1998.
According to Fitzrovia CEO Paul Moulton 'Our research provides detailed and independent evidence of the growth of the Guernsey investment funds industry. 'Such growth is particularly encouraging as it follows a slight drop in fund assets in the year to 30 June 1998. This has now been more than recovered with the rise in Emerging Markets funds which continue to make up a relatively high proportion of funds serviced on the island.'
The Fund Encyclopaedia shows that the total net assets of Guernsey investment funds authorised by the Guernsey Financial Services Commission at the end of June 1999 had reached US$24.1bn for the 631 Guernsey domiciled funds, and US$34.8bn with the 165 non-domiciled funds serviced in Guernsey also included. The Encyclopaedia is based on Fitzrovia's research on regulated, open ended funds only, and does not include private funds.
The main growth areas identified by Fitzrovia were in global funds (20% of new funds launched) and global equities (10%). For the second year in a row the biggest single fund administrator identified by Fitzrovia's research was Management International (Bank of Bermuda) with US$6bn in funds, followed by Guernsey International Fund Managers with funds worth $5.8bn.
According to Barry Carroll, managing director of Management International, Guernsey's fund industry is very healthy now. 'Guernsey's fund industry is currently enjoying its most buoyant period. It is our experience that the sceptics non-expert views of the industry are being exposed. We are particularly pleased to be awarded a number one ranking for the second year in a row at a time when we are embarking on a worldwide re-branding and comprehensive new strategy.'
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