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Guernsey Funds Sector Grew In 2016

by Jason Gorringe, Lowtax.net, London
27 March, 2017

The total value of funds business in Guernsey grew by more than GBP28bn (USD32.5bn) last year.

The net asset value of funds under management and administration in the island grew GBP6.5bn (USD8.2bn), up 2.6 percent during the fourth quarter of 2016, according to figures from the Guernsey Financial Services Commission.

This built on the GBP21.9bn (USD27.5bn) growth during the first nine months of the year to take the total value of funds business in Guernsey to GBP255.9bn (USD321.5bn) at the end of December 2016.

The Guernsey closed-ended sector was valued at GBP159.4bn (USD200.3bn) at the end of December, up 4.5 percent during the final three months of 2016, and up 13.4 percent compared to twelve months earlier.

Guernsey domiciled open-ended funds now stand at GBP42.3bn (USD53.1bn), a decrease of 7.2 percent during the quarter, but up 8.5 percent 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 5.9 percent during the fourth quarter of last year to be valued at GBP54.2bn (USD68.1bn). This represented an increase of 12.9 percent on the same point in 2015.

Dominic Wheatley, CEO of the island's financial services industry promotional agency Guernsey Finance, said: "[Guernsey has] 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."


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