Guernsey's funds industry is outperforming some of
its nearest competitors, according to Peter Niven, Chief
Executive of Guernsey Finance.
Figures show that the value of funds under management and
administration in Guernsey reached £207.2bn at the end of
June 2008 – up £3.4bn (1.7%) over the quarter
and £51.6bn (33%) year on year despite the difficult
By comparison, the value of Jersey's funds business
shrank by £1.8bn (0.7%) during the second quarter of this
year to reach £244.2bn at the end of June. This is a rise
of £33.8bn (16%) since the end of June 2007.
At that time Jersey had £54.8bn more funds business
than Guernsey but one year later and that gap has narrowed to
Mr Niven said: "We thought our performance was strong
considering the world economic scene but it now looks even more
encouraging when you consider that some of our competitors such
as Jersey have seen a reduction in the value of their
At the moment Guernsey is very much bucking the trend and
that is because promoters and sponsors find our offering so
attractive. Pragmatic regulation, excellent corporate
governance through a network of qualified non-executive
directors and a broad range of specialist professionals,
including administrators, who work as a team are some of the
primary ingredients that make the Island's funds
industry the success it has become.
"It is difficult to say now exactly what the figures
will be for the third quarter but there is certainly a mood of
optimism. We also know of some specific promoters who are well
advanced in their plans which will keep the figures buoyant in
the final quarter of the year. However, we're not
resting on our laurels. Guernsey Finance is stepping up its
promotional activities through events such as the Guernsey
Funds Forum in London and other more targeted
The Guernsey Funds Forum takes place at the Queen Elizabeth
II Conference Centre, Westminster, London, on Tuesday 7
October. Keynote speaker is Nicola Horlick, Chief Executive
Officer, Bramdean Asset Management. As well as an exhibition
comprising the leading names from Guernsey's funds
industry, the event includes the sessions 'Guernsey
– a growth industry' chaired by Nigel Farr,
Partner, Herbert Smith; 'Listing and Liquidity'
chaired by Tammy Menteshvili, Chief Executive, Channel Islands
Stock Exchange (CISX); and 'Private equity –
looking forward' chaired by Veronica Eng, Permira.
In the second quarter of the year the value of private
equity funds in Guernsey grew by nearly £1bn (2.5%) to
reach £36.2bn. This is despite the difficult market
conditions that have seen amounts raised by private equity
funds across Europe fall by some 10% this year.
A Guernsey Private Equity Masterclass is being held on
Wednesday 8 October at the Caledonian Hilton Hotel, Princes
Street, Edinburgh. Keynote speaker Alastair Maclean, Partner at
Maclay Murray and Spens LLP, will be joined by a panel of
Guernsey industry experts who will explain more about private
equity in the Island.
The value of deposits held by Guernsey banks reached
£128.1bn by the end of June 2008 – a fall of
£1.4bn (1.1%) during the quarter but a rise of
£20bn (18.5%) year on year. The value of deposits held by
Jersey banks reached £196.9bn by the end of June 2008
– a fall of £13.1bn (6.2%) during the quarter
but a rise of £14.8bn (7%) since the end of June 2007. At
that time Jersey had £103.5bn more banking deposits than
Guernsey but one year later and that gap has narrowed to
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