Funds under management and administration in Guernsey grew by GBP 6.7 billion over the quarter ended 30 September 2005 to reach GBP 91.7 billion.
This represents growth of 9.1 per cent over the quarter. Over the year to September 2005, the total value of funds grew by over GBP 22 billion, an increase of 32.7 per cent.
Within that total, open-ended funds again showed the strongest growth, increasing in value over the quarter by GBP 2.8 billion to GBP 44.4 billion, an increase of 6.9 per cent. Compared with 30 September 2004 open-ended funds increased in value by over GBP 12 billion (40.5 per cent). Closed-end funds similarly increased in value by GBP 2.6 billion, an increase of 10.6 per cent over the quarter. Over the year to 30 September they increased by GBP 5 billion (29.9 per cent).
Non-Guernsey schemes for which some aspect of management or administration is conducted in the Bailiwick grew further, by GBP 2.1 billion (12.4 per cent) to reach a new record total of GBP 19.5 billion. Over the year to 30 September, this sector saw growth of GBP 3.4 billion (21.4 per cent).
The Qualifying Investor Fund regime continues to prove attractive too. A total of 12 QIF funds (six closed-end, six open-ended) had been authorised or received consent by 30 June, but by 30 September, that number had increased to 20, comprising nine open-ended funds, 10 closed-end funds, and one non-Guernsey scheme.
GuernseyFinance chief executive Peter Niven is convinced that this strong growth will continue. There has been no let up in new fund business since the end of September and he is confident that the GBP 100 billion mark will be exceeded by Christmas.
"Guernsey's fund success is not just anecdotal, it is proven quarter-on-quarter by this incredible growth," he said. "Our established position as jurisdiction of choice for fund promoters is down to the expertise being provided by Guernsey's fund managers, administrators and other fund professionals, as well as our flexible and innovative regulatory framework."
Mike de Haaff, vice chairman of GIFA, added: "I fully endorse Peter Niven's comments. It is very encouraging that the effort that went into the QIF regime earlier in the year has paid dividends. It reflects what the Guernsey fund sector can do, together with the regulator, to ensure that we keep pace with the demands on the industry from those people choosing Guernsey as their preferred fund jurisdiction."
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