The total value of funds business in Guernsey has grown for the fourth consecutive quarter.

Figures from the Guernsey Financial Services Commission (GFSC) show that, at the end of June 2016, the net asset value of all funds under management and administration in Guernsey stood at £247.1 billion – an increase of £9.1 billion (3.8%) since the end of March. For the year ending 30 June 2016, the total value of funds in Guernsey increased by £27.2 billion (12.3%).

"We have now enjoyed four consecutive quarters of growth which demonstrates confidence in Guernsey's fund sector," said Guernsey Finance Chief Executive Dominic Wheatley.

"Exchange rate factors since Brexit have played some part in this increase, but we also saw some large fund launches in the second quarter which played a significant role in the overall increase in the value of funds under management in Guernsey. What is equally encouraging is that closed-ended funds, open-ended funds and non-Guernsey schemes have all witnessed a substantial rise in their respective positions compared with the same point in 2015."

Guernsey closed-ended funds increased by £3.8 billion (2.54%) to £153.4 billion during the first quarter. This represents an increase of £18 billion (13.2%) for the year since June 2015.

Guernsey open-ended funds increased by £0.9 billion (2.2%) to £41.3 billion. This represents an increase of £2.2 billion (5.6%) on the same point in 2015.

Non-Guernsey schemes – funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the island – now stand at £52.4 billion. This represents an increase of £4.4 billion (9.2%) since the end of March 2016 and increase of £12.7 billion on the same point in 2015.

In total, Guernsey's financial services regulator approved 19 new investment funds during the second quarter comprising 13 closed-ended funds, one open-ended fund and five non-Guernsey schemes; meaning the total number of funds currently approved for domiciling or servicing in Guernsey stands at 1,009.

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