Guernsey funds enjoy year-on-year growth, now worth £230bn

Added 22nd March 2016

The funds business in Guernsey is now worth £227.6bn ($323.7bn, €288.2bn) – a year-on-year increase of £8.2bn in net asset value, data from the Guernsey Financial Services Commission (GFSC) has revealed.

Guernsey funds enjoy year-on-year growth, now worth £230bn

The research, based on the last quarter of 2015, also shows that the total value of the funds business grew by 1.2%, equating to an £2.7bn increase.

Close-ended funds on the Island experienced a growth of 3.5%, increasing £4.8bn at the end of December 2015 compared to the same time the year before.

Meanwhile, Guernsey open-ended funds saw a year-on-year drop in value of 1.8% or £700,000, bringing the total figure down to £39m.

Non-Guernsey schemes

Non-Guernsey schemes, which consists of open-ended funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out on the Island, increased in value by nearly 10% at £4.1bn annually bringing the total up to £48bn.

Dominic Wheatley, chief executive of Guernsey Finance, the promotional agency for the island’s finance industry, said: “It is extremely pleasing to see that we ended last year with a further quarter of growth and that we saw an increase of more than £8bn for 2015 as a whole.”

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Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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