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Guernsey Funds Under Management Continue To Grow

by Jason Gorringe, Tax-News.com, London

07 August 2008

Funds under management and administration in Guernsey grew by GBP3.4bn (1.7%) over the quarter ended June 2008 to reach a total of GBP207.2bn, the Guernsey Financial Services Commission (GFSC) has announced.

For the year since 30th June 2007, values increased by GBP51.6bn, an increase of 33.2%, according to the GFSC.

Within these totals, Guernsey domiciled open-ended funds grew by GBP2.2bn (3.1%) over the quarter and by GBP11.1bn (17.7%) over the year since 30th June 2007 to reach a new record total of GBP73.7bn.

The closed-end fund sector also saw significant growth, with increases of GBP5.8bn (7.3%) over the quarter and 22.4bn (35.9%) over the year since 30th June 2007, to reach GBP84.8bn, also a new record.

Non-Guernsey schemes, for which some aspect of management or administration is carried out in the Bailiwick, decreased by GBP4.6bn (8.6%) over the quarter to leave their value at GBP48.7bn. This figure is an increase of GBP18bn (58.6%) over the year since 30th June 2007. According to the GFSC, this decrease in value over the quarter results mainly from the adverse performance of the global hedge fund sector during the second quarter of 2008.

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.

Peter Moffatt, Director of Investment Business at the Guernsey Financial Services Commission, commented:

“These figures demonstrate, once again, that despite international uncertainties, Guernsey retains its status as a preferred domicile for investment funds”.

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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