Guernsey’s fund sector remains robust with three quarters of continuous growth

The Guernsey Financial Services Commission (GFSC) has announced that the total value of funds business in Guernsey grew by £10.4 billion (4.6%) during the first quarter of 2016 to £238 billion (as at 31 March 2016). The latest figures reveal that the net asset value (NAV) of all the funds under management and administration in Guernsey increased by £15.8 billion (7.1%) for the year ended 31 March 2016.

The closed-ended sector was the biggest contributor to growth increasing by £9.0 billion (6.4%) to £149.6 billion and by £14.7 billion (10.9%) for the year. Guernsey domiciled open-ended funds also increased by £1.4 billion (3.6%) over the quarter to £40.4 billion although this represents a slight decrease of 1.7% on the same point in 2015.

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) remain at £48 billion marking an increase of £1.8 billion (4.6%) for the year.

Dominic Wheatley, Chief Executive of Guernsey Finance (the promotion agency for the Island’s finance industry) said: "It is encouraging that our funds business remains robust in difficult trading conditions. The latest figures mark the third consecutive quarter that we have seen an overall increase in the value of funds under management. Guernsey practitioners are certainly reporting a great deal of interest from promoters and sponsors in harnessing our experience and expertise in the funds arena."

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