Fund-Technology.com

Guernsey funds outperforming this year

Posted: 09 September 2008

Figures show that the value of funds under management and administration in Guernsey reached £207.2bn at the end of June 2008 - up £3.4bn (1.7%) over the quarter and £51.6bn (33%) year on year despite market conditions.

By comparison, the value of Jersey's funds business shrank by £1.8bn (0.7%) during the second quarter of this year to reach £244.2bn at the end of June. This is a rise of £33.8bn (16%) since the end of June 2007.

At that time Jersey had £54.8bn more funds business than Guernsey but one year later and that gap has narrowed to just £36.9bn.

Mr Niven said: "We thought our performance was strong considering the world economic scene but it now looks even more encouraging when you consider that some of our competitors such as Jersey have seen a reduction in the value of their business.

"At the moment Guernsey is very much bucking the trend and that is because promoters and sponsors find our offering so attractive. Pragmatic regulation, excellent corporate governance through a network of qualified non-executive directors and a broad range of specialist professionals, including administrators,

who work as a team are some of the primary ingredients that make the Island's funds industry the success it has become.

"It is difficult to say now exactly what the figures will be for the third quarter but there is certainly a mood of optimism. We also know of some specific promoters who are well advanced in their plans which will keep the figures buoyant in the final quarter of the year. However, we're not resting on our laurels. Guernsey Finance is stepping up its promotional activities through events such as the Guernsey Funds Forum in London and other more targeted initiatives."

In the second quarter of the year the value of private equity funds in Guernsey grew by nearly £1bn (2.5%) to reach £36.2bn. This is despite the difficult market conditions that have seen amounts raised by private equity funds across Europe fall by some 10% this year.

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