Funds in Guernsey have thundered past the seminal £200bn mark.
Statistics released by the Guernsey Financial Services Commission (GFSC) show that the total value of funds under management and administration in Guernsey reached a new record high of £203.8bn at the end of March 2008.
The figure represents growth of £25.6bn (14.4%) from the £178.2bn recorded at the end of December 2007 the previous high and an increase of £63.4bn (45.2%) year on year.
Grant Cameron, Chairman of the Guernsey Investment Funds Association (GIFA), said: "This is a very good set of numbers. To pass the £200bn mark with such stunning increases during the on-going 'credit crunch' demonstrates the robust qualities of Guernsey's investment funds industry.
"These are the first quarterly figures to be released since becoming Chairman and I hope that this sort of growth will be sustainable throughout my two years in office."
A further breakdown reveals that Guernsey open-ended funds grew £2.3bn (3.2%) during the quarter and £12.8bn (21.8%) since 31 March 2007 to reach a record £71.5bn. Guernsey closed-ended funds increased by £2.6bn (3.4%) over the three months and by £22.6bn (40%) year on year to reach a new high of £79bn.
Non-Guernsey schemes, for which some aspect of management or administration is carried out in Guernsey, rose by £20.7bn (63.4%) over the quarter and £28bn (106.7%) over the previous 12 months to reach a record £53.3bn.
Since the inception of Qualifying Investor Funds (QIFs) in February 2005, 191 QIFs have received consent or approval from the GFSC with 18 of those in the first quarter of 2008.
On 1 February 2007, a registered closed-ended fund regime was introduced. By the end of March 2008 a total of 92 such funds had received consent from the GFSC, with 10 coming in the first three months of this year.
Peter Niven, Chief Executive of GuernseyFinance the promotional agency for the Island's finance industry, added: "These figures demonstrate that whilst activity is not quite as frenetic as prior to the sub-prime crisis and the subsequent turbulence in the global markets, business flows have remained very strong through the end of 2007 and into 2008.
"What I hear is that there is still a strong pipeline of business coming into the Island and there are other substantial flows out there to be won. That is why Guernsey continues to enhance its environment to attract business and market itself internationally as a fund jurisdiction that continues to punch above its weight."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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