The total value of funds business in Guernsey grew by £4.5bn (1.6 per cent) during the second quarter of this year, according to the Guernsey Financial Services Commission (GFSC).
Its figures show that at the end of June 2017, the net asset value of all funds under management and administration in Guernsey stood at £271bn. For the year since the end of June 2016, the total net asset value has increased by £23.9bn (9.6 per cent).
The total value of funds business on the island has not fallen since the second quarter of 2015.
“The figures demonstrate the solidity and stability of our funds industry and the continuing attractiveness of Guernsey as a funds centre,” said Guernsey Finance Chief Executive Dominic Wheatley (pictured).
“Eight consecutive quarters of growth shows that the funds sector in Guernsey remains buoyant, while the introduction of new Guernsey structures such as the Private Investment Fund and the Manager Led Product shows that we will not rest on our laurels.”
According to the GFSC figures, the Guernsey closed-ended sector was valued at £167.2bn at the end of June – up £2.8bn (1.8 per cent) during the quarter, and rose £13.7bn (nine per cent) compared with 12 months earlier.
Guernsey domiciled open-ended funds decreased slightly (0.04 per cent) during the quarter, but remain at £43.9bn – an increase of £2.6bn (6.3 per cent) year-on-year.
Non-Guernsey schemes – funds not domiciled in Guernsey but which have some aspect of their management, administration or custody carried out in the island – increased by £1.5bn (2.6 per cent) during the second quarter to reach a value of £59.9bn. This represented an increase of £7.5bn (14.4 per cent) on the same point in 2016.
In total, Guernsey’s financial services regulator approved 14 new investment funds during the second quarter – 10 closed-ended, one open-ended and three non-Guernsey schemes.
This means the total number currently approved for domiciling or servicing in Guernsey increased by three over the course of the quarter to stand at 986.