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Guernsey Announces Findings From Lipper Fund Report

by Carla Johnson, Investors Offshore.com, London

11 October 2007


Guernsey's funds industry believes there is still room for further growth, despite newly published research from Lipper showing that business has risen 45% during the past year.

The thirteenth annual Guernsey Fund Encyclopaedia reveals that the net value of funds serviced in the Island grew by 45% to reach US$275.4bn (£137.1bn) over the year to the end of June 2007. Last year’s total was US$189.8bn (£102.6bn), a 32% increase on the figure for 2005.

“Whilst these figures vary from the statistics provided by the Guernsey Financial Services Commission (GFSC), nevertheless the research provides further evidence that for introducers of funds business Guernsey’s first class infrastructure and wealth of expertise continue to make it the jurisdiction of choice,” announced Mike de Haaff, Chairman of the Guernsey Investment Funds Association (GIFA).

He continued: “In doing so, they also reflect the high numbers of enquiries that the Island’s funds professionals are experiencing on a day to day basis. We are always very much aware of the level of demand for our products and services and as such continually develop our infrastructure so that there is the capacity for Guernsey’s funds industry to remain a growth business into the future.”

The Lipper figures show that the Island has secured a position as a centre for more specialised funds. Private equity/venture capital funds now stand at US$86.5bn domiciled on the Island. The next largest asset classes are funds of hedge funds (US$32.4bn) and real estate (property) funds ($US31bn).

Ed Moisson, Director of European Fiduciary Operations at Lipper, observed that: “Yet again this analysis demonstrates Guernsey’s ability to thrive in an evolving financial marketplace. Alternative investments in particular seem to have found a home here.”

According to the Lipper research, for fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator by total net assets (US$56.8bn), while Apax Partners is ranked second ($US27.6bn). Northern Trust also has the largest proportion of assets under custody (US$26.3bn), ahead of Royal Bank of Canada (US$20bn).

Among professional firms, Carey Olsen now offers legal advice to 794 funds, with Ozannes following in second place with 546 funds.

KPMG is the largest auditor of Guernsey serviced funds, auditing 435 funds, just ahead of PricewaterhouseCoopers (430 funds).

“These figures are good news for the Island’s funds sector and further reinforce the fact that it is a booming part of our financial services business. They do of course mark a period prior to the recent turbulence in the markets but we know that Guernsey’s funds industry is well-placed and ready for the challenges moving into 2008,” concluded Peter Niven, Chief Executive of GuernseyFinance.


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