(Investment Business Update Special November 1996)
In addition to Guernsey domiciled funds, there are a considerable number of non-Guernsey funds with local administrators or custodians. There were 57 such schemes at the end of September 1996. Although the Commission will be collecting statistical data on these funds from next year, the current estimate is that the "NAV" of these funds should be in excess of o3 billion.
The growth in this area of business is expected to continue. A large percentage of the non-Guernsey funds are registered in either Cayman or Bermuda; however, there are a variety of other jurisdictions whose registered funds are administered in Guernsey including the BVI, Luxembourg, Mauritius and Republic of Ireland. There are also a few US Limited Partnership funds administered here. At present, 13 local firms provide either management, administration or custodial services for non-Guernsey schemes.
Of the 57 non-Guernsey funds, most have arranged a Guernsey fund administrator, taking advantage of local expertise and competitive administrative costs. Several funds have Guernsey based custodians (utilising two of the most prominent custodians in Guernsey) and at least two non-Guernsey funds are managed by Guernsey based, internationally recognised fund managers.
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or fax: +44 (0) 1481 712 010 or e-mail: email@example.com
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