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Guernsey funds under management reach GBP 100 billion

Funds under management and administration in Guernsey grew by GBP 8.3 billion (9.1%) over the quarter ended 31 December 2005 to reach a total of GBP 100 billion.

Over the year as a whole, values increased by GBP 26.4 billion, an increase of 35.9%.

Within these totals, Guernsey domiciled open-ended funds grew by GBP 3.9 billion (8.7%) over the quarter and by GBP 14.5 billion (43.1%) over the year as a whole to reach a new record total of GBP 48.2 billion. Closed-end funds also showed signs of resurgence, with increases of GBP 3.2 billion (11.6%) over the quarter and GBP 8.2 billion (36.0%) over the year as a whole, to reach GBP 31.1 billion, also a new record.

Non-Guernsey schemes, for which some aspect of management or administration is carried out in the Bailiwick, increased by GBP 1.3 billion (6.3%) over the quarter and by GBP 3.6 billion (21.5%) over the year to reach a new high of GBP 20.7 billion.

By the end of 2005, a total of 36 Qualifying Investor Funds had been approved since the launch of the scheme on 7 February.

'New fund approvals ran at record levels during 2005, assisted by positive market conditions,' says Peter Moffatt, Director of Investment Business at the Guernsey Financial Services Commission, 'Although hedge funds, private equity and property funds played a significant part in this growth, more traditional vehicles were also well represented. Through their scope and diversity, therefore, Guernsey's fund administrators and custodians were well placed to take advantage of Guernsey's positive reputation.'

For the HedgeWeek Special Report on Guernsey Hedge Fund Services, please click here

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