The total value of funds business in Guernsey grew by more than £28 billion last year.

New figures from the Guernsey Financial Services Commission (GFSC) show that the net asset value of funds under management and administration in the island grew by £6.5 billion (2.6%) during the fourth quarter of 2016.

This built on the £21.9 billion growth during the first nine months of the year to take the total value of funds business in Guernsey to £255.9 billion at the end of December 2016.

"It is encouraging to see strong annual growth in Guernsey's funds sector," said Guernsey Finance Chief Executive Dominic Wheatley.

"In fact, we have now enjoyed six straight quarters of growth which, when coupled with continued fund formations, particularly in the closed-ended sector, further demonstrates the solidity and stability of Guernsey as a jurisdiction for the administration and management of a diverse range of funds."

The figures from the GFSC show that the Guernsey closed-ended sector was valued at £159.4 billion at the end of December – up £6.8 billion (4.5%) during the final three months of 2016 and up £19 billion (13.4%) compared to twelve months earlier. Guernsey domiciled open-ended funds now stand at £42.3 billion, which was a decrease of £3.3 billion (7.2%) during the quarter, but up £3.3 billion (8.5%) year-on-year.

Non-Guernsey schemes – funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the island – increased by £3 billion (5.9%) during the fourth quarter of last year to be valued at £54.2 billion. This represented an increase of £6.2 billion (12.9%) on the same point in 2015.

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