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Dominic Wheatley, Guernsey Finance

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Guernsey funds grow more than GBP10 billion in Q1

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The total value of funds business in Guernsey grew by GBP10.4 billion (4.6 per cent) during the first quarter of the year.

New figures from the Guernsey Financial Services Commission (GFSC) show that, at the end of March 2016, the net asset value of all funds under management and administration in the Island stood at GBP238 billion – an increase of GBP15.8 billion (7.1 per cent) on the same point in 2015. 

“It is encouraging that our funds business remains robust in difficult trading conditions. The latest figures mark the third consecutive quarter that we have seen an overall increase in the value of funds under management. I am particularly pleased to see a return to positive growth in the open-ended funds sector,” says Guernsey Finance Chief Executive Dominic Wheatley. “Guernsey practitioners are certainly reporting a great deal of interest from promoters and sponsors in harnessing our experience and expertise in the funds arena. New schemes, launched in the first quarter of 2016 and the fourth quarter of 2015 and including those migrating to Guernsey such as VinaCapital and SafeCharge, certainly underline the market’s confidence in Guernsey as a jurisdiction.”

The main reason for the latest growth was the value of Guernsey closed-ended funds increasing by GBP9 billion (6.4 per cent) to GBP149.6 billion during the first quarter. This represents an increase of GBP14.7 billion (10.9 per cent) for the year since March 2015.

The Guernsey open-ended funds sector also saw an increase. At the end of March 2016, the sector had increased in value by GBP1.4 billion (3.6 per cent) to GBP40.4 billion during the first quarter. This represents a decrease of GBP0.7 billion (-1.7 per cent) on the same point in 2015.

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 – remain at GBP48 billion. This marked an increase of GBP1.8 billion (4.6 per cent) for the year to the end of March 2016.

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