The total value of the funds business in Guernsey grew by more than GBP28 billion last year, with the net asset value of funds under management and administration up by GBP6.5 billion (2.6 per cent) during the fourth quarter of 2016, according to the Guernsey Financial Services Commission (GFSC).
This built on the GBP21.9 billion growth during the first nine months of the year to take the total value of funds business in Guernsey to GBP255.9 billion at the end of December 2016.
“It is encouraging to see strong annual growth in Guernsey’s funds sector,” says Guernsey Finance chief executive Dominic Wheatley (pictured). “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 GBP159.4 billion at the end of December – up GBP6.8 billion (4.5 per cent) during the final three months of 2016 and up GBP19 billion (13.4 per cent) compared to twelve months earlier. Guernsey domiciled open-ended funds now stand at GBP42.3 billion, which was a decrease of GBP3.3 billion (7.2 per cent) during the quarter, but up GBP3.3 billion (8.5 per cent) 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 GBP3 billion (5.9 per cent) during the fourth quarter of last year to be valued at GBP54.2 billion. This represented an increase of GBP6.2 billion (12.9 per cent) on the same point in 2015.
Guernsey Finance, in conjunction with the Guernsey Investment Fund Association (GIFA), is hosting the annual Guernsey Funds Forum in London on 11 May.
Hedge fund manager Crispin Odey will be the keynote speaker, while ITV News anchor Alastair Stewart OBE will moderate proceedings, which also include two panel sessions.
“Crispin’s wealth of knowledge and experience will bring a fascinating insight into what lies ahead for the funds industry, particularly in light of Brexit, something he was a huge supporter of,” says Wheatley.
