The total net asset value of funds under management and administration grew by £6.5bn or 2.6% over the quarter ending 31 December 2016 – a significant increase on the £2bn registered over the previous quarter.
Overall, the net asset value of the jurisdiction’s funds business increased by some 12.5% or £28.4bn over the twelve months to the end of December 2016 to £255.9bn. The closed-ended sector accounted for £159.4bn of this total, having increased by £6.8bn over the final quarter and £19bn over the full year. The open-ended sector fell back by £3.3bn (-7.2%) over the last three months of 2016 although saw a year-on-year uplift of 8.5% or £3.3bn.
Non-Guernsey schemes (open-ended funds not domiciled in Guernsey but with some aspect of their management, administration or custody carried out on the island) increased by £3bn or 5.9% to £54.2bn over the last quarter of 2016. Total assets in these schemes increased over the year by £6.2bn or 12.9%.
Guernsey Finance Chief Executive Dominic Wheatley said, “It is encouraging to see strong annual growth in Guernsey’s funds sector. 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.”
For further information click on the link below: Year-on-year growth for Guernsey Funds sector