Guernsey Welcomes Registration Of New Fund Managers
by Jason Gorringe, Lowtax.net, London
22 September, 2014
Guernsey Finance has drawn attention to the registration of 42 new funds – bringing the twelve-month total of new registrations to 131 – amid news that the net asset value of funds managed or administered in Guernsey declined in the second quarter.
Taking into account licences relinquished, second quarter registrations increased by a net total of 13 funds. This took the total number of funds managed or administered in Guernsey to 1,108.
The island's promotional agency said that several new fund administration companies had set up operations in Guernsey during the quarter, including Citco Fund Services, Fair Oaks Capital, and SQN Capital Management.
The statistics from Guernsey Finance follow the publication, by the island's Financial Services Commission, of statistics that show that the fund sector in Guernsey contracted by 1.1 percent during the second quarter.
The Chief Executive of Guernsey Finance, Fiona Le Poidevin, said: "Although we've seen a fall in [the] value of funds under management or administration in the last quarter, this is partly a symptom of general market conditions and currency exchange rate factors. Nevertheless, it also demonstrates the continued challenges facing the industry and the need to stay ahead of the game."
"Overall, Guernsey's funds sector is in a stable position – we've seen growth in the number of new funds coming to the island and a positive response to our regime under [the European Union's Alternative Investment Fund Managers Directive] – and as long as we respond appropriately to the head winds then I am optimistic for the long term future of the industry."
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