The latest research from Lipper, Thomson Reuters specialist fund subsidiary, reveals that Guernsey's fund servicing industry grew by 20% to reach US$ 331.4 billion in net assets (£166.5 billion) over the year to 30 June 2008. Last year's total was US$ 275.4 billion (£138.4 billion), a 45% increase on 2006.
The fourteenth annual edition of Lipper's Guernsey Fund Encyclopaedia provides the Guernsey funds industry with a definitive reference work on the market shares for auditors, custodians, administrators, lawyers and fund promoters.
For fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator by total net assets (US$ 61.5 billion), while International Private Equity Services (US$ 34.4 billion) and Apax Partners (US$ 34.2 billion) are ranked second and third. Northern Trust also has the largest proportion of assets under custody (US$ 35.8 billion), again ahead of IPES.
Among professional firms, PricewaterhouseCoopers is the now largest auditor of Guernsey serviced funds, auditing 526 funds, narrowly ahead of KPMG (494 funds). Carey Olsen offers legal advice to 929 funds, with Ozannes following in second place with 620 funds.
Ed Moisson, Director of Fiduciary Operations at Lipper, said: "Despite the events of the past year, Guernsey continues to prosper as a fund servicing centre; almost 2,000 funds and sub funds are now serviced on the island. Its reputation as a home for more specialist investments, such as private equity and funds of hedge funds, plays a significant part in Guernsey's success."
Private equity/venture capital funds grew by 32% to US$ 114.0 billion domiciled on the Island. The next largest asset classes are funds of hedge funds (US$ 34.8 billion) and real estate funds (US$ 30.3 billion).
For more information about Guernsey's finance industry please visit http://www.guernseyfinance.com.
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