Guernsey funds value hits five-year high

Posted: 04/09/2018

Dominic WheatleyThe total value of funds business in Guernsey is at a five-year high, following a predicted rise in net asset value in Q2 2018, according to the latest figures from the Guernsey Financial Services Commission.
The figures for the end of June 2018 showed that net asset value stood at £276.2bn, the highest since the end of June 2013, representing an increase of more than £13bn (4.94 per cent) on Q1 2018 and a 12-month growth of more than £5bn (1.9 per cent).
Private equity business was a huge contributor, with a near £7bn (6.6 per cent) increase on Q1 to £112.7bn, accounting for more than half of the overall increase.
Open and closed

Guernsey-domiciled closed-ended funds are at an all-time high, standing at £168.2bn following a quarterly increase of £0.4bn (0.22 per cent) and an annual rise of £1bn (0.61 per cent).
Open-ended funds rose £1.4bn (3.4 per cent) over the quarter to £43.2bn, representing an annual decrease of £0.7bn (-1.6 per cent).
Non-Guernsey schemes – funds not domiciled in the island but with some aspect of their management, administration or custody carried out locally – grew by 22.9 per cent (£11.9bn). An increase of £4.9bn (8.07 per cent) since 30 June 2017 values them at £64.7bn – the highest since September 2014.

Market confidence
Guernsey Finance Chief Executive Dominic Wheatley (pictured) commented: “We knew of a number of new enquiries in the pipeline that would bear fruit in Q2, and it's satisfying to see that reflected in the latest figures. We have confidence that will continue as further work on new business continues.
“Activity such as updating the regulations for the Guernsey Private Investment Fund (PIF) has certainly had an effect. There were seven PIFs launched in Q2, and 13 so far this year, already ahead of the total 2017 figure.
“The increase in the value of non-Guernsey schemes also reflects a combination of strong manager performance, high subscription levels and weakening sterling against key currencies."

• The detailed statistics from the Guernsey Financial Services Commission's investment supervision and policy division are available here

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