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Dominic Wheatley, Guernsey Finance

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Guernsey funds enjoy year-on-year growth

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The total value of funds business in Guernsey grew by GBP2.7 billion (1.2 per cent) during the fourth quarter of 2015.

Figures from the Guernsey Financial Services Commission (GFSC) show that, at the end of December 2015, the net asset value of all funds under management and administration in the Island stood at GBP227.6 billion – an increase of GBP8.2 billion (3.7 per cent) on the same point in 2014.
Guernsey closed-ended funds increased by GBP2.2 billion (1.6 per cent) to GBP140.6 billion during the fourth quarter, while Guernsey open-ended funds decreased in value by GBP0.7 billion (-1 per cent) to GBP39 billion. For closed-ended funds this represents an increase of GBP4.8 billion (3.5 per cent) over the year since 31 December 2014, while for open-ended funds it represented a decrease of GBP0.7 billion (1.8 per cent) for the same period.

Non-Guernsey schemes – open-ended funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the Island – increased in value by GBP1 billion (2.1 per cent) during the fourth quarter to reach GBP48 billion, an increase of GBP4.1 billion (9.3 per cent) for the year up to the end of December 2015.

Dominic Wheatley (pictured), Chief Executive of Guernsey Finance, says: “It is extremely pleasing to see that we ended last year with a further quarter of growth and that we saw an increase of more than GBP8 billion for 2015 as a whole. These are encouraging signs and I’m sure our funds industry will look to capitalise on this momentum as we move through 2016 and look forward to our annual Guernsey Funds Forum on Thursday 12 May in London.”

In total, Guernsey’s financial services regulator approved 27 new investment funds during the fourth quarter, comprising 21 closed-ended funds, four open-ended funds and two non-Guernsey open-ended schemes, meaning the total number of funds currently approved for domiciling or servicing in Guernsey stands at 1,012.

Data from the investment management and stockbroking sector, for the period to the end of September 2015, confirmed total gross assets under management in Guernsey of GBP142.5 billion, based on the returns of 173 firms.

Wheatley says: “This figure highlights the health of the investment sector in Guernsey and is an additional positive when considered alongside the latest funds position.”

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