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Guernsey Funds Sector Reports Resurgent Q1

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

The Guernsey funds sector enjoyed its highest growth in four years during the first quarter of 2017, according to the latest figures released by the island's financial services regulator, the Guernsey Financial Services Commission.

The net asset value of funds under management and administration in the island grew by 4.1 percent over the quarter – the highest margin of growth since the first quarter of 2013. From the end of March 2016, total net asset values increased by GBP28.6bn (USD36.4bn), a 12 percent rise.

The statistics build on six straight previous quarters of growth to take the total value of funds business in Guernsey to GBP266.5bn (USD339.7bn) at the end of March 2017. This marks the longest continued period of increased value in nearly six years, when June 2009 to June 2011 reached eight straight quarters of growth.

The figures show the Guernsey closed-ended sector was valued at GBP164.3bn (USD209.5bn) at the end of March – up 3.1 percent during the first three months of 2017, and up 9.8 percent compared to 12 months earlier. Guernsey-domiciled open-ended funds now stand at GBP43.9bn (USD53.9), an increase of 3.8 percent during the quarter and up 8.9 percent year-on-year.

Dominic Wheatley of Guernsey Finance, the island's fnancial services promotion agency, said: "Due to the political instability causing global uncertainty at the moment, it is reassuring that Guernsey's fund industry is showing itself to be a sector of stability and one that is experiencing ongoing growth."

"When coupled with the fact that Guernsey continues to meet the highest international standards in terms of regulation, transparency and substance, and is regarded as a 'BEPS-compliant jurisdiction,' it comes as no surprise that the island is enhancing its position as a funds domicile of choice."

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