Guernsey's financial services regulator approved 18 new investment funds during the second quarter of 2015, resulting in a total of 112 additions for the year ending 30 June 2015.

Figures from the Guernsey Financial Services Commission (GFSC) also show that the net asset value of all funds under management and administration in Guernsey fell by £2.3 billion (-1%) during the second quarter to £219.9 billion. The value of deposits held by banks in Guernsey increased by £0.2 billion (0.2%) during the same period to reach £83.6 billion; representing a rise of £6.1 billion (8%) year-on-year.

Dominic Wheatley, Chief Executive of Guernsey Finance, said: "The number of new approvals over the past 12 months shows that Guernsey remains an attractive destination for funds. This is particularly the case when considered alongside recent announcements which include Guernsey extending market access to EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) doing business in Guernsey, which itself followed the European Securities and Markets Authority's advice to the relevant European authorities in July that the EU AIFMD passport should be extended to Guernsey.

"The small increase seen in the banking deposits is similarly encouraging, particularly as it is yet another quarter of solid performance over the past 12 months."

The 18 new investment funds approved by the GFSC between the start of April and the end of June comprised 14 closed-ended funds and four non-Guernsey open-ended schemes, meaning the total number of funds currently approved for domiciling or servicing in Guernsey stands at 1,044.

Guernsey closed-ended funds increased by £0.5 billion (0.3%) to £135.5 billion, while Guernsey open-ended funds decreased in value by £2 billion (-4.9%) to £39.1 billion. Non-Guernsey schemes – open-ended funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the Island – decreased in value by £0.9 billion (-2%) during the second quarter to reach £45.3 billion.

Data from the investment management and stockbroking sector, for the period up to the end of March 2015 confirmed total gross assets under management in Guernsey of £116.4 billion – a rise of £7.4bn (6.8%) over the quarter.

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