Funds in Guernsey have thundered past the seminal
Statistics released by the Guernsey Financial Services
Commission (GFSC) show that the total value of funds under
management and administration in Guernsey reached a new record
high of £203.8bn at the end of March
The figure represents growth of £25.6bn (14.4%) from
the £178.2bn recorded at the end of December 2007 the
previous high and an increase of £63.4bn (45.2%) year on
Grant Cameron, Chairman of the Guernsey Investment Funds
Association (GIFA), said: "This is a very good set of
numbers. To pass the £200bn mark with such stunning
increases during the on-going 'credit crunch'
demonstrates the robust qualities of Guernsey's
investment funds industry.
"These are the first quarterly figures to be released
since becoming Chairman and I hope that this sort of growth
will be sustainable throughout my two years in
A further breakdown reveals that Guernsey open-ended funds
grew £2.3bn (3.2%) during the quarter and £12.8bn
(21.8%) since 31 March 2007 to reach a record £71.5bn.
Guernsey closed-ended funds increased by £2.6bn (3.4%)
over the three months and by £22.6bn (40%) year on year
to reach a new high of £79bn.
Non-Guernsey schemes, for which some aspect of management or
administration is carried out in Guernsey, rose by
£20.7bn (63.4%) over the quarter and £28bn (106.7%)
over the previous 12 months to reach a record
Since the inception of Qualifying Investor Funds (QIFs) in
February 2005, 191 QIFs have received consent or approval from
the GFSC with 18 of those in the first quarter of 2008.
On 1 February 2007, a registered closed-ended fund regime
was introduced. By the end of March 2008 a total of 92 such
funds had received consent from the GFSC, with 10 coming in the
first three months of this year.
Peter Niven, Chief Executive of GuernseyFinance the
promotional agency for the Island's finance industry,
added: "These figures demonstrate that whilst activity is
not quite as frenetic as prior to the sub-prime crisis and the
subsequent turbulence in the global markets, business flows
have remained very strong through the end of 2007 and into
"What I hear is that there is still a strong pipeline
of business coming into the Island and there are other
substantial flows out there to be won. That is why Guernsey
continues to enhance its environment to attract business and
market itself internationally as a fund jurisdiction that
continues to punch above its weight."
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