The total value of funds business in Guernsey grew by more than £15 billion last year.
New figures from the Guernsey Financial Services Commission (GFSC) show that the net asset value of funds under management and administration in the Island grew £2.4 billion (0.8%) during the fourth quarter of 2012. This built on the £13 billion growth during the first nine months of the year to take the total value of funds business in Guernsey to £276.8 billion at the end of December 2012.
This represents an increase of £15.4 billion (5.8%) on a year previous, growth of £19.4 billion (7.5%) on the same time two years ago and a rise of £92.6 billion (50.3%) since the end of December 2009.
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the promotional agency for the Island's finance industry, said: "We have now enjoyed four consecutive quarters of growth since the beginning of 2012 which is very encouraging. It demonstrates confidence in Guernsey's funds infrastructure and services at a time of changing economic conditions across the globe. These figures mean that we have entered 2013 in fantastic shape and we are keen to see this trend continue."
The figures from the GFSC also show that the Guernsey closed-ended sector was valued at £131 billion at the end of December - up £0.7 billion (0.5%) during the final three months of 2012 and up £11.9 billion (10%) compared to twelve months earlier. Guernsey domiciled open-ended funds reached a net asset value of £50.3 billion at the end of December 2012, which was a decrease of £1.1 billion (2.2%) during the quarter and down £5 billion (9%) year on year.
Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the Island, grew by £2.9 billion (3.1%) during the quarter to reach £95.5 billion at the end of December 2012, which is £8.5 billion (9.7%) higher than the value at the end of December 2011.
Figures from the GFSC also show that the total value of deposits held by banks in Guernsey fell to £86.7 billion at the end of December 2012 compared to £96.9 billion at the end of September 2012. The quarterly report on banking sector activity from the GFSC said that the bulk of this reduction came as a result of the transfer of a book of business in a Guernsey bank to another group bank in another Crown Dependency for reasons of achieving administrative efficiencies. That leaves total deposits 19.4% lower than at the same time a year ago. However total assets and liabilities have not declined as steeply, in part due to the issuance of other liabilities during the year, and these remained robust at £114.0 billion.
Guernsey is hosting its annual funds event in London in May. The Guernsey Funds Forum 2013 will examine the future shape of the global funds industry.
The event will be held at the Grange St Paul's Hotel in London on Thursday 2 May and will culminate in a keynote debate featuring industry experts Nigel Vooght, PwC's Global Financial Services Leader and head of its future-focused initiative 'Project Blue', and Better Capital's Jon Moulton. The debate and the preceding panel sessions will be moderated by ITV News Anchor, Alastair Stewart.
The event is supported by the BVCA, Global Custodian, HFM Week, Limited Partner and unquote". For more information about delegate passes contact Fiona Murray by email email@example.com or tel. +44 (0) 7781 123808.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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