Tue, Mar 19, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

Year-on-year growth for Guernsey funds sector

Monday, March 27, 2017
Opalesque Industry Update - The total value of funds business in Guernsey grew by more than £28 billion last year.

New figures from the Guernsey Financial Services Commission (GFSC) show that the net asset value of funds under management and administration in the island grew by £6.5 billion (2.6%) during the fourth quarter of 2016. This built on the £21.9 billion growth during the first nine months of the year to take the total value of funds business in Guernsey to £255.9 billion at the end of December 2016.

"It is encouraging to see strong annual growth in Guernsey's funds sector," said Guernsey Finance Chief Executive Dominic Wheatley.

"In fact, we have now enjoyed six straight quarters of growth which, when coupled with continued fund formations, particularly in the closed-ended sector, further demonstrates the solidity and stability of Guernsey as a jurisdiction for the administration and management of a diverse range of funds."

The figures from the GFSC show that the Guernsey closed-ended sector was valued at £159.4 billion at the end of December – up £6.8 billion (4.5%) during the final three months of 2016 and up £19 billion (13.4%) compared to twelve months earlier. Guernsey domiciled open-ended funds now stand at £42.3 billion, which was a decrease of £3.3 billion (7.2%) during the quarter, but up £3.3 billion (8.5%) year-on-year.

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 – increased by £3 billion (5.9%) during the fourth quarter of last year to be valued at £54.2 billion. This represented an increase of £6.2 billion (12.9%) on the same point in 2015.

Guernsey Finance in conjunction with the Guernsey Investment Fund Association (GIFA) is hosting the annual Guernsey Funds Forum in London on Thursday 11 May.

Crispin Odey, one of the most internationally renowned hedge fund managers, will be the keynote speaker, while ITV News anchor Alastair Stewart OBE will once again moderate proceedings, which also include two panel sessions.

Mr Wheatley said he was looking forward to hearing Mr Odey's insight into the markets.

"Crispin's wealth of knowledge and experience will bring a fascinating insight into what lies ahead for the funds industry, particularly in light of Brexit, something he was a huge supporter of," said Mr Wheatley.

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1