The total value of funds business in Guernsey has risen again, with the Guernsey Financial Services Commission confirming a growth of £1bn in the three months to the end of 2017.
The latest figure of £270bn also represents an increase of approximately £14bn (5.6 per cent) over the previous 12 months and a third consecutive year of growth for Guernsey’s fund sector.
The GFSC approved 18 new investment funds during Q4, 17 of which were closed-ended and the remaining one open-ended – an increase of 44.4 per cent on Q3’s 10 new funds.
Open and closed
Open-ended funds decreased by one per cent over the quarter to £166.4bn, but still achieved annual growth of £1.2bn (2.8 per cent).
Closed-ended funds increased over the quarter (0.26 per cent to £166.4bn) and the year (4.46 per cent to £7.1bn).
Non-Guernsey schemes – funds not domiciled in the island but with some aspect of their management, administration or custody carried out locally – grew by £1.4bn (2.3 per cent). An increase of £6.1bn (11.31 per cent) since 31 December 2016 values them at £60.4bn.
Real estate funds were the biggest mover, with the net asset value showing a year-on-year increase of 42 per cent to nearly £21bn, boosted by a strong Q4.
There was also an increase of 8.89 per cent in the number of real estate funds over the year, from 90 at the end of December 2016 to 98 at the end of December 2017.