Guernsey fund industry finds growth areas in tough market conditions
Guernsey’s fund servicing industry rose by more than six per cent to reach 2,057 funds and sub-funds at the end of June 2009, with total net assets of USD289.4bn (GBP175.7bn), according to figures from Lipper.
While total industry assets fell by nearly 13 per cent, non-domiciled funds serviced in Guernsey actually rose slightly to reach USD40.0bn (GBP24.3bn).
For fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator by total net assets (USD45.7bn), while International Private Equity Services (USD34.6bn) and Apax Partners (USD30.4bin) are ranked second and third. Northern Trust also has the largest proportion of assets under custody (USD21.4bn), ahead of HSBC (USD15.3bn).
Among professional firms, Carey Olsen offers legal advice to 888 funds, with Ozannes following in second place with 585 funds. PricewaterhouseCoopers is the largest auditor of Guernsey serviced funds, auditing 539 funds, ahead of KPMG.
Private equity/venture capital fund assets increased to USD125.3bn (GBP76.1bn) domiciled on the island. The next largest asset classes are funds of hedge funds (USD21.3bn).
Ed Moisson, director of fiduciary operations at Lipper, says: “With the rise in the number of funds of funds and the increased assets for private equity funds, Guernsey certainly seems to be able to continue attracting business even in these tougher market conditions.”
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