The total value of funds business in Guernsey grew by £4.5 billion (1.6%) during the second quarter of this year.

Figures from the Guernsey Financial Services Commission (GFSC) show that, at the end of June 2017, the net asset value of all funds under management and administration in Guernsey stood at £271 billion. For the year since the end of June 2016, the total net asset value has increased by £23.9 billion (9.6%).

The latest quarterly growth also means that the island has not experienced a drop in total funds business value since the second quarter of 2015.

"The figures demonstrate the solidity and stability of our funds industry and the continuing attractiveness of Guernsey as a funds centre," said Guernsey Finance Chief Executive Dominic Wheatley.

"Eight consecutive quarters of growth shows that the funds sector in Guernsey remains buoyant, while the introduction of new Guernsey structures such as the Private Investment Fund (PIF) and the Manager Led Product shows that we will not rest on our laurels. The PIF has been particularly well received, with seven funds using the regime since its launch in November last year and we expect that number to increase as we approach its one-year anniversary."

The figures from the GFSC show that the Guernsey closed-ended sector was valued at £167.2 billion at the end of June – up £2.8 billion (1.8%) during the quarter and up £13.7 billion (9%) compared to 12 months earlier. Guernsey domiciled open-ended funds decreased slightly (0.04%) during the quarter, but remain at £43.9 billion – an increase of £2.6 billion (6.3%) year-on-year.

Non-Guernsey schemes – funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the island – increased by £1.5 billion (2.6%) during the second quarter to be valued at £59.9 billion. This represented an increase of £7.5 billion (14.4%) on the same point in 2016.

In total, Guernsey's financial services regulator approved 14 new investment funds during the second quarter comprising 10 closed-ended funds, one open-ended fund and three non-Guernsey schemes. This means the total number of funds currently approved for domiciling or servicing in Guernsey increased by three over the course of the quarter to stand at 986.

For more information about Guernsey's finance industry please visit www.guernseyfinance.com.

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