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Guernsey Boasts Booming Funds Industry

by Amanda Banks,, London

30 November 2010

Investment fund business in Guernsey grew by GBP18.9bn (8.4%) during the third quarter of this year, figures released by the Guernsey Financial Services Commission show.

The increase means that there has now been five consecutive quarters of growth, taking the net asset value of funds under management and administration in the island to a new record high of GBP243.1bn at the end of September 2010. This is an increase of GBP61.6bn (33.9%) on the same period in 2009.

Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the island’s finance industry, said: “I am extremely pleased to see that the momentum we picked up in the second half of 2009 is continuing through 2010. It has been a somewhat challenging time but these figures support our feeling that the sector is proving more than resilient and in fact is very well placed to maintain this growth moving into 2011.”

The figures show that Guernsey-domiciled open-ended funds reached a net asset value of GBP53.5bn at the end of September, an increase of GBP0.2bn (0.4%) during the quarter and an increase of GBP2bn (3.9%) year-on-year.

The Guernsey closed-ended sector was valued at GBP105.9bn at the end of September 2010 – a GBP24.8bn (30.6%) increase on that recorded in the same period of 2009.

Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the island, meanwhile rose in value by GBP6.8bn (8.8%) during the quarter to reach GBP83.7bn at the end of September 2010, some GBP34.8bn (71.2%) higher than a year previous.

Niven added that final agreement on the terms of the Alternative Investment Fund Managers (AIFM) Directive will add to Guernsey’s confidence on the future prospects for its investment funds industry.

“The latest figures show that Guernsey’s funds sector is in good shape and reaching a conclusion on the AIFM Directive has added to our confidence for the future. It is still early days and we continue to look into the implications of the detail but generally it is positive news for Guernsey. Indeed, we believe that the agreement provides the island with some real opportunities and early in the new year we will be working in conjunction with the government, regulator and industry to deliver some very strong and compelling messages to our introducer markets, most notably in London.”

TAGS: investment | business | law | investment funds | international financial centres (IFC) | Guernsey | offshore | alternative investment | business investment

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