The total value of funds business in Guernsey grew by £10.4 billion (4.6%) during the first quarter of the year.
New figures from the Guernsey Financial Services Commission (GFSC) show that, at the end of March 2016, the net asset value of all funds under management and administration in the Island stood at £238 billion - an increase of £15.8 billion (7.1%) on the same point in 2015.
"It is encouraging that our funds business remains robust in difficult trading conditions. The latest figures mark the third consecutive quarter that we have seen an overall increase in the value of funds under management. I am particularly pleased to see a return to positive growth in the open-ended funds sector," said Guernsey Finance Chief Executive Dominic Wheatley
"Guernsey practitioners are certainly reporting a great deal of interest from promoters and sponsors in harnessing our experience and expertise in the funds arena. New schemes, launched in the first quarter of 2016 and the fourth quarter of 2015 and including those migrating to Guernsey such as VinaCapital and SafeCharge, certainly underline the market's confidence in Guernsey as a jurisdiction."
The main reason for the latest growth was the value of Guernsey closed-ended funds increasing by £9 billion (6.4%) to £149.6 billion during the first quarter. This represents an increase of £14.7 billion (10.9%) for the year since March 2015.
The Guernsey open-ended funds sector also saw an increase. At the end of March 2016, the sector had increased in value by £1.4 billion (3.6%) to £40.4 billion during the first quarter. This represents a decrease of £0.7 billion (-1.7%) on the same point in 2015.
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 - remain at £48 billion. This marked an increase of £1.8 billion (4.6%) for the year to the end of March 2016.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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