The total value of funds business in Guernsey grew by £4.9
billion (2.2%) during the third quarter of the year.
Figures from the Guernsey Financial Services Commission (GFSC)
show that, at the end of September 2015, the net asset value of all
funds under management and administration in the Island stood at
Guernsey closed-ended funds increased by £2.9 billion
(2.1%) to £138.4 billion while Guernsey open-ended funds
increased in value by £0.3 billion (0.8%) to £39.4
billion. Non-Guernsey schemes - open-ended funds that are not
domiciled in Guernsey but have some aspect of their management,
administration or custody carried out in the Island - also
increased in value by £1.7 billion (1.3%) during the third
quarter to reach £47 billion.
Dominic Wheatley, Chief Executive of Guernsey Finance, said:
"It is pleasing to see that all three categories, open-ended,
closed-ended and non-Guernsey schemes enjoyed growth during the
third quarter. The figures are an endorsement of Guernsey as a
jurisdiction for the administration of a diverse range of funds and
further illustrate the current strength of our sector with a number
of positives at play in recent months, such as VinaCapital's
announcement in October that it is migrating the domicile of its
Vietnam Opportunity Fund from the Cayman Islands to
In total, Guernsey's financial services regulator approved
19 new investment funds during the third quarter, comprising 14
closed-ended funds, two open-ended funds and three non-Guernsey
open-ended schemes, meaning the total number of funds currently
approved for domiciling or servicing in Guernsey stands at
Data from the investment management and stockbroking sector, for
the period up to the end of June 2015, confirmed total gross assets
under management in Guernsey of £148.9 billion, based on the
returns of 157 firms.
Mr Wheatley said: "This figure demonstrates the health of
the investment sector in Guernsey, which when coupled with the
latest funds position helps to paint a bright picture for
Probably the most significant change from previous practice in Guernsey law under the Companies (Guernsey) Law 2008, which came into effect on the 1 July 2008, was the consignment to history of the concept of capital maintenance, which was discarded in favour of a solvency model as the basis of a company’s ability to pay distributions and dividends.
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).