(Investment Business Update Special November 1996)

Guernsey currently has fund promoters from 32 countries. (See schedule below) In 1996 to date there have been four new promoters launching closed-ended (C/E) funds: one US promoter launched an Egyptian Fund (thought to be the first non-Egyptian promoted Egypt Fund), one new UK promoter, one new South African and one Spanish. In the immediate future, of the 16 closed-ended funds awaiting consent, there are 6 new promoters: two US, two French, one German and one Philippine.

In the open-ended (O/E) sector there are 15 new funds planned, of which 4 are from new promoters in South Africa, France, Canada and Thailand. 1996 saw the authorisation of three funds whose promoters were new to Guernsey, one Swiss, one South Korean, the other Turkish.

Country               O/E     C/E     Total

Australia/New Zealand   1       2         3
Austria                 0       3         3
Bahamas                 3       1         4
Bahrain                 1       0         1
Belgium                 0       2         2
Canada                  5       1         6
Czech Rep               1       0         1
Denmark                 2       1         3
Finland                 0       2         2
France                  3       6         9
Germany                 1       1         2
Guernsey                7       3        10
Hong Kong               0       1         1
Indonesia               1       0         1
Ireland                 1       0         1
Israel                  1       0         1
Japan                  16       2        18
Jordan                  1       0         1
Kuwait                 12       3        15
Luxembourg              1       1         2
Netherlands             0       1         1
Norway                  0       1         1
Portugal                0       1         1
S Korea (new in 1996)   1       0         1
Saudi Arabia            4       0         4
Spain                   2       0         2
Sweden                  1       1         2
Switzerland            37       1        38
Taiwan                  0       1         1
Turkey (new in 1996)    1       0         1
UK                     66     100       166
USA                    15      23        38

TOTAL                 184     158       342

* As of 30 September 1996. Note: Some funds have more than 1 promoter.

For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or fax: +44 (0) 1481 712 010 or e-mail: info@gfsc.guernseyci.com

Visit the Guernsey Financial Services Commission Web Site at Click Contact Link

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.