The total value of funds business in Guernsey grew by more than £28bn last year.
New figures from the Guernsey Financial Services Commission (GFSC) show that the net asset value of funds under management and administration in the island grew by £6.5bn (2.6 per cent) during the fourth quarter of 2016.
This built on the £21.9bn growth during the first nine months of the year to take the total value of funds business in Guernsey to £255.9bn at the end of December 2016.
Guernsey Finance Chief Executive Dominic Wheatley said: “We have now enjoyed six straight quarters of growth which, when coupled with continued fund formations, particularly in the closed-ended sector, further demonstrates the solidity and stability of Guernsey as a jurisdiction for the administration and management of a diverse range of funds.”
The figures from the GFSC show that the Guernsey closed-ended sector was valued at £159.4bn at the end of December – up £6.8bn (4.5 per cent) during the final three months of 2016 and up £19bn (13.4 per cent) compared with 12 months earlier.
Guernsey-domiciled open-ended funds now stand at £42.3bn, which was a decrease of £3.3bn (7.2 per cent) during the quarter, but up £3.3bn (8.5 per cent) year-on-year.
Non-Guernsey schemes – funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the island – increased by £3bn (5.9 per cent) during the fourth quarter of last year to be valued at £54.2bn. This represented an increase of £6.2bn (12.9 per cent) on the same point in 2015.