New findings from the 23rd edition of the Guernsey Fund Report, from fund research company Monterey Insight, reveal the market shares of all service providers in Guernsey’s funds industry.
Fund assets serviced in Guernsey stood at US$396.6bn at the end of June 2017, up 2.8 per cent on 2016. The number of serviced schemes increased to 1,018 and the total number of sub-funds reached 1,363 (from 990 and 1,317 respectively).
For fund administration services of domiciled and non-domiciled funds, Northern Trust continues to lead the rankings as the largest administrator by total net assets ($63.9bn), with Ipes ($48.9bn) and Apax Partners ($40.3bn) ranked second and third.
For funds under custody services of domiciled and non-domiciled funds, Northern Trust also maintained its lead with $23.8bn. There was a change in the rankings for second place, with BNP Paribas Securities Services ($9.3bn) second ahead of Kleinwort Benson ($8.2bn).
New category
Transfer agents are the new category in the rankings this year, with Northern Trust in first position with a total of $50.7bn, followed by Ipes ($48.9bn) and Aztec Group ($31.2bn).
Among legal advisers, the ranking remains the same. Carey Olsen leads, offering legal advice to 729 funds, followed by Mourant Ozannes (220 funds) and Ogier third.
In the auditors category, PwC maintains its leading position, auditing 372 funds, ahead of KPMG with 298 funds. EY takes third position this year (133 funds), followed closely by Deloitte in fourth.
Among fund management companies, the largest promoter of funds serviced in Guernsey is Apax Partners, with $41.3bn. There was a switch in the rankings for second and third position, with Cinven taking second place ($21.4bn), ahead of Partners Group ($19.1bn).
Funds figures
At sub-funds level, 180 fund and sub-funds were launched during the year accounting for $22.3bn in assets, of which 75 funds were private equities with total assets of $13.6bn – representing 61 per cent of new products launched.
For serviced funds, private equity/venture capital funds are still holding the primary position and accounted for $250.3bn compared with $244.3bn in 2016.
Karine Pacary, Managing Director of Monterey Insight, commented: “It is encouraging to see positive returns for the Guernsey fund industry, which continues to be an attractive and influential financial centre despite a challenging European funds environment.
“While private equity is a crucial element to Guernsey’s success, we have seen that other types of products launched during the year have a more accelerated growth rate in comparison to private equity.
"This reflects Guernsey’s ability to offer a variety of expertise and tailored fund services for a range of financial products. The introduction of the transfer agents ranking also portrays a more exhaustive picture of the services offered on the island.”