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Guernsey Funds Industry Grew In 2015

by Jason Gorringe, Lowtax.net, London
24 March, 2016

Guernsey's fund industry saw a 3.7 percent year-on-year increase in the net asset value of funds under management and administration during 2015.

At the end of December 2015, the net asset value of all funds under management and administration in the island stood at GBP227.6bn (USD322.4bn).

For the full year, Guernsey closed-ended funds saw a 3.5 percent increase in the total value of their funds, while open-ended funds saw a 1.8 percent fall.

Non-Guernsey schemes - open-ended funds that are not domiciled in Guernsey but have some aspect of their management, administration, or custody carried out in the island - increased in value by 2.1 percent during the fourth quarter to reach GBP48bn, an increase of 9.3 percent during 2015.

Dominic Wheatley, the Chief Executive of Guernsey Finance – the agency responsible for promoting Guernsey's finance industry internationally – said: "It is extremely pleasing to see that we ended last year with a further quarter of growth and that we saw an increase of more than GBP8bn (USD11.3bn) for 2015 as a whole. These are encouraging signs and I'm sure our funds industry will look to capitalize on this momentum as we move through 2016 and look forward to our annual Guernsey Funds Forum on May 12, 2016, in London."

In total, Guernsey's financial services regulator approved 27 new investment funds during the fourth quarter, comprising 21 closed-ended funds, four open-ended funds, and two non-Guernsey open-ended schemes. The total number of funds currently approved for domiciling or servicing in Guernsey stands at 1,012.

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