Originally published in the Investor Services
Journal, March, 2008
Guernsey's funds industry has received a double fillip
in the last few weeks with the news that one of the
Island's administrators has picked up a new private equity
award and values under management and administration finished
last year with a flourish led by growth in that asset
New figures show that funds in Guernsey grew another
£13.7bn (8.3%) in the final three months of 2007 despite
continued market turbulence during the quarter. That took the
total value of funds under management and administration in
Guernsey to another record high of £178.2bn at the end of
December – up £48bn (37%) during the year. The
most eye-catching results came in the private equity asset
class where values increased by £5.5bn (19%) during the
quarter and £13.6bn (66%) year on year to reach
£34bn at the end of 2007.
This is an excellent set of results. The figures are
particularly impressive considering the significant market
turbulence that we saw during quarter three of last year
carried over into the final three months of 2007 and the start
of the new year. Given these conditions, the strength of
business flows has held up very well and in all honesty
surpassed expectations. In particular, the growth in private
equity business provides yet further evidence of the
Island's strength in this asset class.
Reinforcing this point is the fact that Guernsey-based
Schroder Private Equity Services (SPES) has been named
'Best Private Equity Fund Administrator 2007' at the
European Venture Capital Journal (EVCJ) awards.
SPES received the accolade during the EVCJ's annual
awards dinner at the Dorchester Hotel in London. The venture
capital and private equity publication hosts the event to
recognise and celebrate outstanding achievement in the sector
and it is attended by more than 300 of the most senior industry
professionals from around the world.
The trophies – this year presented by the Rt Hon
William Hague MP – are awarded on the basis of votes
from EVCJ's readership. The award for 'best fund
administrator' was a new category introduced this year by
EVCJ, which is recognised as one of the leading publications in
Over the last few years and particularly during 2007
Guernsey has been gaining a reputation from leading fund
promoters and sponsors as the jurisdiction of choice for
private equity. For a Guernsey firm to receive this award so
early into 2008 not only reinforces the Island's
credentials as a centre of excellence for private equity funds
but gives us a significant boost as we look to continue growing
our business and developing our infrastructure throughout the
rest of the year.
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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