Guernsey’s fund sector registers quarter of growth

Guernsey Financial Services Commission (GFSC) has confirmed a further quarter of growth for the Bailiwick’s investment funds sector. The net asset value of funds under management and administration grew by £2bn to £249.4bn in the quarter ending 30 September 2016. Overall, total assets increased by some 10.9% or £24.6bn over the twelve months to the end of September.

In a reversal of the previous quarter, open-ended funds attracted more assets than closed-ended funds, growing by £4.3bn, or 10.4%, compared to a slight decrease in closed-ended funds of £0.8bn. Nonetheless, for the year ending 30 September 2016, closed-ended vehicles saw an overall increase in funds of £14bn or 10.11% while open-ended funds attracted some £6.2bn, an increase of 15.7%, over the same period.

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) also saw a slight decline over the third quarter of 2016, decreasing by £1.2bn to £51.2bn. However, total assets in these schemes increased over the year by £4.2bn.

“Five straight quarters of growth since the end of June 2015 is very encouraging and demonstrates confidence in the stability and substance of Guernsey’s funds infrastructure, services and regulatory environment at a time of changing economic and market conditions across the globe,” said Guernsey Finance Chief Executive Dominic Wheatley.

“These figures, combined with the recent confirmation that Guernsey is once again the global finance industry’s number one choice for non-UK listings on the London Stock Exchange, mean that our funds sector is in promising shape and we are keen to see this trend continue throughout 2017.”

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