Guernsey funds sector marks two years of growth

GuernseyGuernsey’s funds industry was on track for a more than 8% jump in assets by the end of 2017.

Figures for the 12 months to September 2017 showed a £20 billion (€22 billion) growth in the value of assets under management and administration.

This is slightly less than the £25 billion in the same 12-month period previously, but still marked two consecutive periods of growth for the island’s funds business.

The figures, from Guernsey Financial Services Commission, showed that at the end of September 2017, the net asset value of all funds under management and administration in Guernsey had risen to £269 billion.

The annual increase was largely thanks to the growth of Guernsey-domiciled closed-ended funds, which increased by £13.7 billion over the period. Guernsey open-ended funds “remained stable” at £43.9 billion.

Dominic Wheatley, chief executive of Guernsey Finance, said: “This consistency in Guernsey’s funds sector highlights how stable and attractive we are as a place to domicile funds, especially in the face of political instability causing uncertainty globally over the last couple of years.”

Non-Guernsey schemes – funds not domiciled in the island but with some aspect of their management, administration or custody carried out there – grew by 15.23% to £59 billion.

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