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Guernsey funds sector demonstrates stability over third quarter

Guernsey's financial services regulator has approved 42 new investment funds for the second quarter in succession, resulting in a total of 140 additions during the 12 months to the end of September.

The 42 new investment funds approved by the Guernsey Financial Services Commission (GFSC) between the start of July and the end of September comprised three open-ended funds, eight closed-ended funds and 31 non-Guernsey open-ended schemes. Taking into account licences relinquished, this represents net growth of 17 funds during the quarter and takes the total number of funds currently approved for domiciling or servicing in Guernsey to 1,125.

Dominic Wheatley, Chief Executive of Guernsey Finance - the promotional agency for the Island's finance industry, said:

"It is encouraging to see that Guernsey continues to attract new funds and that both the open-ended and closed-ended funds sectors grew in value during the last quarter. The figures demonstrate the solidity and stability of our funds industry and the continuing attractiveness of Guernsey as a funds centre."

"For example, only recently Investec Asset Management has migrated and re-domiciled a US$1.2 billion fund from Ireland to Guernsey due to our dual regulatory regime in respect of AIFMD [the Alternative Investment Fund Managers Directive]. This is a huge vote of confidence in our funds industry. We have also heard that a number of funds are being moved here from the Cayman Islands because of the effectiveness of our national private placement regime for distribution into the EU."

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