Newly released figures show that the value of investment fund
business in Guernsey grew by £18.9 billion (8.4%) during the
third quarter of this year.
The increase means that there have now been five consecutive
quarters of growth and it has taken the net asset value of funds
under management and administration in the Island to a new record
high of £243.1 billion at the end of September 2010. This is
an increase of £61.6 billion (33.9%) on the same time in
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry, said:
"I am extremely pleased to see that the momentum we picked up
in the second half of 2009 is continuing through 2010. It has been
a somewhat challenging time but these figures support our feeling
that the sector is proving more than resilient and in fact is very
well placed to maintain this growth moving into 2011."
The new figures from the Guernsey Financial Services Commission
(GFSC) show that Guernsey domiciled open-ended funds reached a net
asset value of £53.5 billion at the end of September, which
was a rise of £0.2 billion (0.4%) during the quarter and an
increase of £2 billion (3.9%) year on year.
The Guernsey closed-ended sector was valued at £105.9
billion at the end of September – up £11.9 billion
(12.7%) during the third three months of 2010 and rose £24.8
billion (30.6%) compared to twelve months previous.
Non-Guernsey schemes, where some aspect of management,
administration or custody is carried out in the Island, increased
by £6.8 billion (8.8%) during the quarter to reach
£83.7 billion at the end of September 2010, which is
£34.8 billion (71.2%) higher than the value at the end of
The gross asset value of all Guernsey and non-Guernsey schemes
increased by £27.7 billion (11%) during the third quarter and
£62.2 billion (28.6%) year on year to reach £279.4
billion at the end of September 2010.
Within the asset management and stockbroking sector, 97
respondents confirmed gross assets under management of £71.2
billion at the end of September. This is a rise of £5.4
billion (8.2%) during the quarter and £21.7 billion (43.8%)
during the previous twelve months.
Mr Niven added that final agreement on the terms of the
Alternative Investment Fund Managers (AIFM) Directive will add to
Guernsey's confidence on the future prospects for its
investment funds industry.
"The latest figures show that Guernsey's funds sector
is in good shape and reaching a conclusion on the AIFM Directive
has added to our confidence for the future. It is still early days
and we continue to look into the implications of the detail but
generally it is positive news for Guernsey. Indeed, we believe that
the agreement provides the Island with some real opportunities and
early in the new year we will be working in conjunction with the
government, regulator and industry to deliver some very strong and
compelling messages to our introducer markets, most notably in
London," he said.
On Tuesday 30th November, Jarrod Cowley-Grimmond,
Director of the Finance Sector Development Unit for the Commerce
and Employment Department of the Guernsey Government, is speaking
at the AIFM Directive Conference in London.
Mr Cowley-Grimmond is speaking on behalf of Guernsey Finance and
will outline the implications of the Directive for Guernsey and in
particular potential opportunities it presents to the Island's
investment funds sector.
Guernsey Finance is also exhibiting at the event with the help
of Mr Cowley-Grimmond, Jon Buckland, Chief Officer of the Commerce
and Employment Department and Caroline Chan, Partner at law firm
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