The total value of funds business in Guernsey grew by £2.7
billion (1.2%) during the fourth quarter of 2015.
Figures from the Guernsey Financial Services Commission (GFSC)
show that, at the end of December 2015, the net asset value of all
funds under management and administration in the Island stood at
£227.6 billion - an increase of £8.2 billion (3.7%) on
the same point in 2014.
Guernsey closed-ended funds increased by £2.2 billion
(1.6%) to £140.6 billion during the fourth quarter, while
Guernsey open-ended funds decreased in value by £0.7 billion
(-1%) to £39 billion. For closed-ended funds this represents
an increase of £4.8 billion (3.5%) over the year since 31
December 2014, while for open-ended funds it represented a decrease
of £0.7 billion (1.8%) for the same period.
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 - increased in
value by £1 billion (2.1%) during the fourth quarter to reach
£48 billion, an increase of £4.1 billion (9.3%) for the
year up to the end of December 2015.
Dominic Wheatley, Chief Executive of Guernsey Finance, said:
"It is extremely pleasing to see that we ended last year with
a further quarter of growth and that we saw an increase of more
than £8 billion for 2015 as a whole. These are encouraging
signs and I'm sure our funds industry will look to capitalise
on this momentum as we move through 2016 and look forward to our
annual Guernsey Funds Forum on Thursday 12 May in London."
In total, Guernsey's financial services regulator approved
27 new investment funds during the fourth quarter, comprising 21
closed-ended funds, four open-ended funds and two non-Guernsey
open-ended schemes, meaning the total number of funds currently
approved for domiciling or servicing in Guernsey stands at 1,012.
Data from the investment management and stockbroking sector, for
the period to the end of September 2015, confirmed total gross
assets under management in Guernsey of £142.5 billion, based
on the returns of 173 firms.
Mr Wheatley said: "This figure highlights the health of the
investment sector in Guernsey and is an additional positive when
considered alongside the latest funds position."
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
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