Fifth straight quarter of growth for Guernsey funds

19 January 2017

Guernsey’s fund industry has enjoyed five consecutive quarters of growth according to the latest figures, released today.

Statistics from the Guernsey Financial Services Commission (GFSC) show that, at the end of September 2016, the net asset value of all funds under management and administration in Guernsey stood at £249.4 billion – an increase of £2.3 billion (0.9%) since the end of June. For the year ending 30 September 2016, the total value of funds in Guernsey increased by £24.6 billion (10.9%).

“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.”

“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.” Guernsey Finance Chief Executive Dominic Wheatley

Guernsey open-ended funds saw an increase of £4.3 billion (10.4%) during the third quarter of 2016 to £45.6 billion. This represents an increase of £6.2 billion (15.7%) for the year since September 2015.

Guernsey closed-ended funds decreased by £0.8 billion (0.5%) to £152.6 billion over the course of the quarter but, despite this, the total was still £14 billion (10.1%) greater than at the same point in 2015.

Non-Guernsey schemes – funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the island – now stand at £51.2 billion. This represents a decrease of £1.2 billion (-2.3%) since the end of June 2016, but an increase of £4.2 billion (8.9%) on the same point in 2015.

The outlook for raising funds in the post-Brexit environment is the focus of a Guernsey funds masterclass in London on Wednesday 8 February.

The event, at etc.venues St Pauls, will feature a panel debate among leading figures from the funds industry and a keynote speech from Louise Harvey OBE, who spent 13 years as a British diplomat working on EU issues in the Foreign and Commonwealth Office. She will share observations on the Brexit politicking that only a Brussels ‘insider’ can provide and give insights into the process of triggering and implementing Brexit as well as how she sees the Brexit negotiations progressing.

The event is hosted by Guernsey Finance in conjunction with the Guernsey Investment Fund Association (GIFA) and is sponsored by Carey Group, Mourant Ozannes, Ogier and Trident Trust.

For further information or to book a delegate place please visit the event website.

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