Guernsey's financial services regulator approved 26 new
investment funds during the first quarter of this year, which means
that there were a total of 113 additions during the 12 months to
the end of March.
The GFSC approved four open-ended funds, 14 closed-ended funds
and eight non-Guernsey schemes between the start of January and the
end of March.
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry, said:
"It is very positive to see this high number of new funds
being approved for domiciling or servicing in Guernsey. During
2013, there was a notable increase in approvals, especially in the
second half of the year and it is encouraging that this has
continued during the first quarter of 2014.
"In particular, this is a vote of confidence in
Guernsey's dual regulatory regime which has been developed in
response to AIFMD [the Alternative Investment Fund Managers
Directive]. The directive first came into effect in the middle of
2013 but several jurisdictions, such as the UK, took advantage of
the transitory year for its implementation and so now the focus is
on 22 July 2014.
"This shows that Guernsey's popularity as a centre for
fund domiciling and servicing continues to grow as we approach full
implementation of AIFMD."
The figures from the GFSC show that the net asset value of all
funds under management and administration in Guernsey fell by
£1.8 billion (0.6%) during the first quarter to£264.2
billion at the end of March.
However, the net asset value of Guernsey funds under management
and administration grew by £1.2 billion (0.7%) during the
quarter to reach £179.1 billion, comprising an increase of
Guernsey open-ended funds by £0.9 billion (2.2%) to
£42.6 billion and an increase of Guernsey closed-ended funds
by £0.4 billion (0.4%) to £136.5 billion.
The strengthening of sterling against the dollar was a factor in
non-Guernsey schemes - open-ended funds which are not domiciled in
Guernsey but where some aspect of management, administration or
custody is carried out in the Island - decreasing in value by
£3 billion (3.4%) during the first three months of the year
to reach £85.1 billion.
Fiona Le Poidevin, chief executive of Guernsey Finance, explores why the Island’s new foundations legislation offers an attractive alternative for wealthy Middle Eastern individuals to protect their assets.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).