The assets under management of investment companies domiciled in the Channel Islands have reached a record high, according to the Association of Investment Companies (AIC).
The assets of Channel Islands-domiciled investment companies totalled £50.1bn at 31 August 2017. This is the first time assets have exceeded £50bn.
The record follows another recent all-time high when Channel Islands assets hit £49.9bn at 30 June 2017.
There are 99 investment companies domiciled in the Channel Islands. Over the eight months to the end of August 2017 Channel Islands-domiciled investment companies achieved strong levels of secondary issuance, raising £2.43bn.
This was significantly higher than the same periods in 2016 and 2015, when Channel Islands investment companies raised £1.53bn and £1.51bn respectively.
In addition, a new investment company domiciled in the Channel Islands, EJF Investments, was launched in April.
Ian Sayers, Chief Executive of the AIC, commented: “It's encouraging to see Channel Islands investment companies growing so strongly. In a low-interest-rate environment demand remains high for investment companies generating income.
"In addition, the benefits of the closed-ended structure for accessing illiquid assets like property are clear, as demonstrated by the problems of open-ended property funds last year.”