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

Fifth straight quarter of growth for Guernsey funds

Friday, January 20, 2017
Opalesque Industry Update - 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.”

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.

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