Guernsey Upbeat On Latest Fund Sector Stats
by Jason Gorringe, Lowtax.net, London
27 June, 2014
The Guernsey Financial Services Commission (GFSC) has reported healthy growth in its funds sector with 113 new funds registered in the 12-month period ending March 2014.
The net asset value of Guernsey funds under management and administration grew 0.7 percent to GBP179bn (USD304.8bn) during this period. There was a 2.2 percent rise in open-ended funds, while the closed-ended funds segment grew by 0.4 percent.
Including foreign funds under management and administration in Guernsey, total net asset value fell by 0.6 percent during the period to GBP264bn at end of March. The FSC said this was due, in part, to the strengthening of sterling against the dollar.
Fiona Le Poidevin, Chief Executive of Guernsey Finance, said: "It is very positive to see this high number of new funds being approved for domiciling or servicing in Guernsey. This is a vote of confidence in Guernsey's dual regulatory regime which has been developed in response to the Alternative Investment Fund Managers Directive (AIFMD). This shows that Guernsey's popularity as a centre for fund domiciling and servicing continues to grow as we approach full implementation of AIFMD."
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