Guernsey Releases Q4 2005 Fund Data

by Jason Gorringe, Tax-News.com, London

22 February 2006

According to figures newly released by the Guernsey Financial Services Commission, funds under management and administration on the Island grew by GBP8.3 billion (9.1%) over the quarter ended 31 December 2005 to reach a total of GBP100.0 billion. Over the year as a whole, values increased by GBP26.4 billion, an increase of 35.9%.

Within these totals, Guernsey domiciled open-ended funds grew by GBP3.9 billion (8.7%) over the quarter and by GBP14.5 billion (43.1%) over the year as a whole to reach a new record total of GBP48.2 billion.

Closed-end funds also showed signs of resurgence, with increases of GBP3.2 billion (11.6%) over the quarter and GBP8.2 billion (36.0%) over the year as a whole, to reach GBP31.1 billion, also a new record.

Non-Guernsey schemes, for which some aspect of management or administration is carried out in the Bailiwick, increased by GBP1.3 billion (6.3%) over the quarter and by GBP3.6 billion (21.5%) over the year to reach a new high of GBP20.7 billion.

By the end of 2005, a total of 36 Qualifying Investor Funds had been approved since launch of the scheme.

Commenting on the Q4 figures, Peter Niven, chief executive of GuernseyFinance observed that:

“Record levels of business have been recorded and this supports the very bullish feeling among the industry generally of Guernsey’s ability to win business in an increasingly competitive marketplace. Our long standing expertise as a major international finance sector, coupled with our very much open for business stance has led to sustained growth over the last year, a trend which seems set to continue.”

Last week, the Guernsey FSC revealed that deposits held with Guernsey banks at the end of December 2005 were 4.2% higher than at the end of the third quarter of 2005, with total deposits reaching a new high of more than GBP80 billion.

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