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Guernsey funds continue to grow

The latest figures released by the Guernsey Financial Services Commission (GFSC) show that the total value of funds in the Island grew by £2.7 billion (1.2%) during the fourth quarter of 2015.

The GFSC also approved 27 new investment funds during the fourth quarter, comprising 21 closed-ended funds, four open-ended funds and two non-Guernsey open-ended schemes, meaning the total number of funds currently approved for domiciling or servicing in Guernsey stands at 1,012.

The figures as at the end of December 2015 also show the net asset value of all funds under management and administration in the Island standing at £227.6 billion – an increase of £8.2 billion (3.7%) from December 2014. Guernsey closed-ended funds increased by £2.2 billion (1.6%) to £140.6 billion during the fourth quarter, while Guernsey open-ended funds decreased in value by £0.7 billion (-1%) to £39 billion. For closed-ended funds this represents an increase of £4.8 billion (3.5%) over the year since 31 December 2014, while for open-ended funds it represented a decrease of £0.7 billion (1.8%) for the same period.

Non-Guernsey schemes (i.e. open-ended funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the Island) increased in value by £1 billion (2.1%) during the fourth quarter to reach £48 billion, an increase of £4.1 billion (9.3%) for the year up to the end of December 2015.

Dominic Wheatley, Chief Executive of the promotional agency Guernsey Finance, said: "It is extremely pleasing to see that we ended last year with a further quarter of growth and that we saw an increase of more than £8 billion for 2015 as a whole. These are encouraging signs and I’m sure our funds industry will look to capitalise on this momentum as we move through 2016 and look forward to our annual Guernsey Funds Forum on Thursday 12 May in London."

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