Guernsey: Guernsey Funds Business Continues To Grow
Last Updated: 5 December 2012

The total value of funds business in Guernsey grew by £3.6 billion (1.3%) during the third quarter of the year.

New figures from the Guernsey Financial Services Commission (GFSC) show that the third quarter increase has built on the £9.4 billion growth during the first half of the year to take the total net asset value of funds under management and administration in the Island to £274.4 billion at the end of September 2012.

This represents an increase of £3.3 billion (1.2%) year on year, a rise of £31.3 billion (12.8%) on the same time two years ago and an increase of £92.9 billion (51.2%) since the end of September 2009.

Fiona Le Poidevin, Chief Executive of Guernsey Finance - the promotional agency for the Island's finance industry, said: "It is encouraging to see continued growth in the Guernsey funds sector. We have now enjoyed three consecutive quarters of growth since the beginning of 2012 and we hope that this trend will continue. It shows confidence in our services at a time when market conditions, particularly in the Eurozone, remain challenging and investors continue to display a certain degree of caution."

The figures from the GFSC also show that the Guernsey closed-ended sector was valued at £130.3 billion at the end of September - up £4.2 billion (3.3%) during the third three months of 2012 and up £4.6 billion (3.7%) compared to twelve months earlier. Guernsey domiciled open-ended funds reached a net asset value of £51.5 billion at the end of September 2012, which was a decrease of £1.6 billion (3.2%) during the quarter and down £5.6 billion (10%) year on year.

Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the Island, grew by £1 billion (1%) during the quarter to reach £92.6 billion at the end of September 2012, which is £4.6 billion (5.2%) higher than the value at the end of September 2011.

Miss Le Poidevin said: "Further increases in closed-ended funds and non-Guernsey schemes reflect our current strengths in these areas and match with what industry is reporting to us anecdotally. We note the decline in open-ended funds and will monitor this position going forward."

Horace Camp, Chairman of the Guernsey Investment Fund Association (GIFA), said: "We note the decline in numbers and values of open-ended funds and a number of initiatives are under way to reverse this trend, chief amongst these is Guernsey's proposed new AIFMD compliant regime. In addition the proposed changes to the non-Guernsey schemes will reinforce success in another important sector of our comprehensive offering."

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