Figures issued on 1st September 2011 show that the
value of investment fund business in Guernsey grew by £10.8
billion (4.1%) during the second quarter of this year.
The increase represents the eighth consecutive quarter of growth
and takes the net asset value of funds under management and
administration in the Island to a new record high of £274.5
billion at the end of June 2011. This is a rise of £50.2
billion (22.5%) compared to the end of June 2010.
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry
internationally, said: "These latest figures show very clearly
that Guernsey remains the pre-eminent jurisdiction for fund
promoters and managers to use for their investment structures. The
last two years have seen our popularity increase in all areas of
the fund business and in the last quarter the growth in the closed
ended sector is particularly stunning. We continue to provide a
comprehensive menu of attractive options when it comes to
administrators, custodians, banks and legal and accounting
professionals. Those attributes, coupled with a strong but
pragmatic regulatory framework and a deep non-executive director
pool creates an environment for fund business that is without doubt
second to none.
"That said, the current quarter has seen a period of
further global turmoil in the markets and, as we did in the
2008/2009 period we will be redoubling our promotional work on the
international stage to ensure that both clients and potential
clients know very clearly that Guernsey remains firmly open for
business and that we are here in the both the good times and the
not-so-good times. This is an important message that we need to
reiterate particularly at times such as this where uncertainty
casts a shadow and where we as an international finance centre rely
largely on certainty to maintain our important business flows into
The new figures from the Guernsey Financial Services Commission (GFSC)
show that Guernsey domiciled open-ended funds reached a net asset
value of £59 billion at the end of June, which was an
increase of £1.5 billion (2.6%) during the quarter and an
increase of £5.7 billion (10.7%) year on year.
The Guernsey closed-ended sector was valued at £122.3
billion at the end of June – up £7.5 billion (6.5%)
during the second quarter of 2011 and rose £28.3 billion
(30.1%) compared to 12 months earlier.
Non-Guernsey schemes, where some aspect of management,
administration or custody is carried out in the Island, increased
by £1.9 billion (2.1%) during the quarter to reach
£93.1 billion at the end of June 2011, which is £16.2
billion (21.1%) higher than the value at the end of June 2010.
Patrick Firth, Chairman of the Guernsey Investment Fund Association
(GIFA), said: "These statistics, reflecting a continuation
of the growth seen over previous quarters, are particularly
encouraging as rises have been seen in all sectors, open-ended,
closed-ended and non-Guernsey schemes. This is an endorsement of
the diverse nature of the funds industry in Guernsey which
continues to be a major force despite difficult global economic
conditions and reflects the hard work and dedication of our
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