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Fitzrovia Report Highlights 15% Growth In Guernsey Funds Industry

by Carla Johnson, Investors Offshore.com

24 December 2004


Research by Fitzrovia International has revealed a 15.5% increase in the number of funds serviced in Guernsey in the year to June 30, 2004.

According to the ‘Guernsey Fund Encyclopaedia’ the total number of funds and sub funds has risen to 1,133 from 981, with Guernsey becoming a centre for more specialised funds such as private equity/venture capital where assets stand at US$40.1 billion in 125 domiciled funds.

Furthermore, assets invested in funds of funds stand at US$24.5 billion (of which funds of hedge funds make up around US$16.5 billion) in 263 funds domiciled on the Island.

Fitzrovia found that Guernsey International Fund Managers has maintained its position as the largest fund administrator in Guernsey, now administering US$25.2 billion assets, ahead of Royal Bank of Canada (US$15.6 bn) and International Private Equity Services (IPES) (US$14.0 bn).

Other findings show that the Royal Bank of Canada is the new leader in terms of assets under custody in Guernsey, servicing US$ 16.5 billion in assets. Barings (US$8.1 bn) and Credit Suisse (US$7.7 bn) are the next largest.

Meanwhile, the largest promoter of funds of hedge funds domiciled on the Island is Financial Risk Management (FRM) with US$12.4 billion of assets under management. The largest promoter of private equity/venture capital funds is Permira, with US$11.7 billion of assets under management domiciled in Guernsey.

Among professional firms, KPMG is still the largest auditor of Guernsey-serviced funds, auditing 310 funds, although the gap has narrowed with PricewaterhouseCoopers now auditing 292 funds.

“The numbers posted across all participants clearly indicate that the Guernsey funds industry is vibrant, globally competitive and well positioned to see continued growth in the future,” commented Ron Nutter, VP and Global Head of Corporate and Institutional business at the Royal Bank of Canada.

“The AUA growth in the alternative investments sector is a clear indication of the confidence in the professional skill set and knowledge base in Guernsey custody and fund administration participant,” he added.

A comprehensive report in our Intelligence Report series examining offshore investment funds, offshore stock exchanges, 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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