Guernsey Q1 Fund Figures See Growth

by Jason Gorringe, Tax-News.com, London

02 June 2006

According to Q1 2006 figures released this week by the Guernsey Financial Services Commission, funds under management and administration on the Island grew by GBP11.3 billion (11.3%) over the period which ended on 31 March 2006, to reach a total of GBP111.4 billion.

Over the year as a whole, values increased by GBP35.8 billion, an increase of 47.4%.

Within these totals, Guernsey domiciled open-ended funds grew by GBP5.3 billion (10.9%) over the quarter and by GBP17.2 billion (47.5%) over the year as a whole to reach a new record total of £53.5 billion. Closed-end funds also grew, with increases of GBP2.7 billion (8.8%) over the quarter and GBP10.3 billion (43.6%) over the year as a whole, to reach GBP33.8 billion, also a new record.

Non-Guernsey schemes, for which some aspect of management or administration is carried out in the Bailiwick, increased by GBP3.3 billion (16.0%) over the quarter and by GBP8.3 billion (52.6%) over the year to reach a new high of GBP24.0 billion.

By the end of March 2006, a total of 42 Qualifying Investor Funds had been approved since launch of the scheme on 7 February.

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

“New fund approvals continue to run at record levels. There is a continuing flow of inquiries, from those with an established track record of domiciling their international funds in Guernsey. Demand from new promoters to set up here, attracted by the quality of Guernsey’s service providers and in recognition for pragmatic regulation has also increased significantly."

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