Peter Niven, Chief Executive of GuernseyFinance, has described the recent growth in business recorded by the island's fund sector as 'outstanding'.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Official figures for the 12 months to 30 June 2005 showed a 32.1 per cent rise in funds under management or administration in the island. This followed a rise of 11.2 per cent in the second quarter of this year.
According to Guernsey Financial Services Commission, the total value of funds grew by more than GBP 8.5 billion during the second quarter of 2005 to stand at GBP 84.1 billion -- a rise of more than GBP 20bn over the year.
Open-ended funds showed the strongest growth, rising in value by GBP 5.3 billion, to GBP 41.5 billion -- a 14.5 per cent increase over the quarter. Compared with 30 June 2004, they have now risen by more than GBP 13 billion, or 46.2 per cent.
Closed-end funds increased in value by GBP 1.6 billion, and stood at GBP 25.2 billion -- an increase of 6.9 per cent over the quarter. Over the year to 30 June their value increased by more than GBP 5 billion, or 26.8 per cent.
Non-Guernsey schemes, for which some aspect of management or administration is conducted in the Bailiwick, grew by GBP 1.6 billion during the quarter, or 10 per cent, to reach GBP 17.3 billion, while annual growth of this sector stood at GBP 2 billion, or 12.82 per cent.
"These statistics are a further endorsement of <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Guernsey as the jurisdiction of choice for fund promoters," said Niven.
GuernseyFinance, the promotional body for the island's finance sector, continues to work very closely with the local industry, particularly the Marketing Committee of the Guernsey Investment Fund Association (GIFA), to ensure that the island maintains its high profile as a centre of excellence for fund services.
During the last six months, in conjunction with industry, GuernseyFinance has showcased the funds sector at three major European conferences and hosted a number of visits to the island by journalists from leading investment publications.
"We are delighted with the success of the funds sector in Guernsey and, working with GuernseyFinance, we see no reason why the strong growth that is evidenced by these latest figures should not continue," said John Le Provost, Chairman of GIFA.