The latest edition of research company Monterey Insight’s Guernsey Fund Report sets out the market share of all service providers in Guernsey’s funds industry, revealing a year of stable growth in 2018.
Fund assets serviced in Guernsey stood at US$399.3bn at the end of June 2018, up 0.7 per cent compared with 2017. The number of serviced schemes increased to 1,077 and the total number of sub-funds reached 1,323 from 1,018 and 1,363, respectively.
For fund administration services across domiciled and non-domiciled funds, Northern Trust remained the largest by total net assets ($65.0bn) and by number of sub-funds (188). It was followed by Ipes with $47bn and Apax Partners in third with $39.3bn.
Northern Trust also maintained its lead position for custody and transfer agency services respectively with $25.7bn and $53.6bn
BNP Paribas Securities Services held its second position in the custody league table of serviced funds, with $10.6bn, ahead of Kleinwort Hambros with $6.6bn.
Among the transfer agents, Ipes maintained its second position with $47.0bn, and Apax Partners rose to third positon with a total of $39.3bn.
Auditors ranking
The ranking for auditors was unchanged this year, as has been the case for several years. PwC maintained its lead position, auditing 365 funds, ahead of KPMG with 295 funds and EY in third.
The league table was reversed for auditor ranking by assets – KPMG leading with $140.3bn followed by PwC with $116.3bn and Deloitte in third position.
Among legal advisers, the ranking remained the same as last year. Carey Olsen held its lead, offering legal advice to 750 funds, followed by Mourant Ozannes with 173 funds and Ogier in third position.
On the market share ranking of assets, Carey Olsen also took the top spot ahead of Mourant Ozannes.
Fund managers
Among fund managers, the largest promoter/initiator of funds serviced in Guernsey was Apax Partners with $40.4bn. Partners Group climbed to second position with $21.1bn, followed by Permira at US$15.3bn.
A total of 95 funds and sub-funds domiciled in Guernsey were launched during the year, accounting for $15.5bn in assets, of which 58 sub-funds were private equities with a total net asset of $12.1bn, representing 78.1 per cent in assets of the newly launched product.
For serviced funds, private equities funds were the most popular product, accounting for $259.2bn compared with $250.3bn in 2017 – a 3.6 per cent increase.
Among newly launched serviced funds, private equities accounted for $15.1bn out of $19.3bn.
Karine Pacary, Managing Director of Monterey Insight, commented: "We are pleased to reveal continuing stability of the Guernsey Fund Industry in the 24th edition of our Guernsey Fund Report. In fact, Guernsey has managed to attract 21 new promoters to establish funds in the island and, combined with the existing promoters, over 140 new serviced funds and sub-funds were launched in the same period, accounting for $19.3bn.
"In a landscape where private equity and venture capital funds hold a prime position, Guernsey continues to be recognised as a reliable and trusted market."