Guernsey's world-leading capabilities, evidence of fund growth and the determination to never stand still were all key as the island retained its title of 'Best Centre for Fund Administration' at the 2018 Investment Week Fund Services Awards.
The results were announced in a ceremony at Jumeirah Carlton Tower in London on 3 October, with the jurisdiction once again fending off competition from fellow international finance centres Jersey and Luxembourg. The island retained the award, having also won it in 2017.
Judges were looking for a centre that offered a wide range of administration support to the fund management industry on an international basis.
Guernsey Finance Chief Executive Dominic Wheatley said the island went above and beyond meeting this criteria.
He said: "To be recognised as the best for two years in a row shows Guernsey continues to demand and deliver high standards that set it apart from other jurisdictions. We are still getting a high volume of incoming and repeat funds business from all over the world, which produces encouraging figures.
"This award is a testament to the hard work being done in our funds sector by all parties, and new products such as the Guernsey Green Fund have helped us stand out. The island continues to offer an excellent stable and competitive business environment."
Guernsey's entry cited several examples where it has innovated or shown itself to be a world leader in the implementation of new financial products and technology over the last 12 months.
It pointed to strong figures such as private equity funds standing above the £100 billion mark, and the growth in net asset value of Guernsey-domiciled funds – with figures showing three straight years of growth to the end of 2017, demonstrating the solidity and stability of Guernsey for the administration and management of a diverse range of funds.
The island's key example of its world-leading capabilities was the introduction of a world-first regulated green fund product – the Guernsey Green Fund – as part of Guernsey's plans to become the 'go-to' jurisdiction for green finance.
The Guernsey offices of Northern Trust and PwC were also recognised at the awards for their use of a private equity blockchain solution, in what is believed to be a world-first, as they were jointly awarded the Award for Innovation.
For more information about Guernsey's finance industry please visit www.weareguernsey.com.
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