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Guernsey funds under management continue to grow

Posted: 22 May 2008

Guernsey funds under management and administration grew by £25.6 billion (14.4%) over the first quarter of 2008 to reach a total of £203.8 billion. Since March 2007, values increased by £63.4 billion, an increase of 45.2%.

Guernsey domiciled open-ended funds grew by £2.3 billion (3.2%) over the quarter and by £12.8 billion (21.8%) over the year since March 2007 to reach a new record total of £71.5 billion. The Closed-end fund sector also saw significant growth, with increases of £2.6 billion (3.4%) over the quarter and £22.6 billion (40%) over the year since March 2007, to reach £79 billion, also a new record.

Non-Guernsey schemes, for which some aspect of management or administration is carried out in the Bailiwick, increased by £20.7 billion (63.4%) over the quarter and by £28 billion (106.7%) over the year since March 2007 to reach a new high of £53.3 billion. The significant increase in the value of these funds results from the large number of new non-Guernsey schemes that entered into service level agreements with local licensees during the last quarter of 2007 and the first quarter of 2008.

In the quarter ending March 2008 18 Qualifying Investor Funds were approved and a further 10 Registered Closed-ended Investment Funds received consent. A further 7 Qualifying Investor Funds and 6 Registered Closed-ended Investment Funds had completed the application process

Since inception of the QIF regime in February 2005, and as at March 2008, a total of 191 QIF vehicles have received consent or approval. Since the introduction of the Registered Closed-ended Investment Fund regime in February 2007, and as at March 2008, a total of 92 Registered closed-ended Investment Funds have received consent under that regime.

Peter Moffatt, Director of Investment Business at the Guernsey Financial Services Commission, said: "Following the record level of fund approvals seen in 2007 it is encouraging to see that the levels of new business are holding up well. There is a continuing flow of enquiries and expressions of interest from both new promoters and promoters already represented through their existing Guernsey funds. These figures are evidence, despite global market turbulence, of continuing confidence in the Guernsey investment fund sector".

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