The value of investment funds in Guernsey grew by more than £28 billion (€98 billion) last year, led by closed-ended funds.
The net asset value of funds under management at the end of 2016 was £255.9 billion, lifted by a £6.5 billion (2.6%) growth during the fourth quarter, according to the Guernsey Financial Services Commission (GFSC).
The island saw a distinct pattern in favour of closed-ended funds in contrast to open-ended vehicles in the final quarter.
Closed-ended funds increased by £19 billion over the year, to £159.4 billion. The increase came mainly in the final quarter, when fund values climbed £6.8 billion.
Guernsey domiciled open-ended funds stood at £42.3 billion at the end of 2016. This was a year-on-year increase of £3.3 billion, but in the final quarter the value fell by the same amount. The overall 12-month increase for open-ended funds was by 8.5%.
Non-domiciled funds in Guernsey that have some aspect of their management, administration or custody carried out in the island increased by £6.2 billion, or 12.9%, over the year.
Dominic Wheatley, chief executive of the GFSC, said: “In fact, we have 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.”
The annual Guernsey Funds Forum takes place in London on May 11, with Crispin Odey, the well-known hedge fund manager, as keynote speaker.
©2017 funds europe
