Brexit has had no impact on funds growth

BREXIT has so far proved to be no bar for continued growth in the island’s funds business.

Kate Storey, funds partner at Appleby in Guernsey. March 2017

Latest figures from the Guernsey Financial Services Commission show that the total value of funds business grew by more than £28bn last year, with consecutive quarters of growth even after the UK referendum vote in June.

The net asset value of funds under management and administration in the island grew by £6.5bn (2.6%) during the fourth quarter of 2016, following a more modest 0.9% growth in the September quarter.

The first nine months of the year saw £21.9bn growth, and at the end of 2016 the total value was £255.9bn, representing growth of 12.5%.

‘It is encouraging to see strong annual growth in Guernsey’s funds sector,’ said Guernsey Finance chief executive Dominic Wheatley.

‘In fact, we have now enjoyed six straight quarters of growth which, when coupled with continued fund formations, particularly in the closed-ended sector, further demonstrates the solidity and stability of Guernsey as a jurisdiction for the administration and management of a diverse range of funds.’

Kate Storey, funds partner at Appleby in Guernsey, described the statistics as ‘very positive’ and showed the island’s strength and stability for funds despite a year of international political changes.

She also allayed concerns about a lack of pipeline for business from clients new to the island.

Comments for: "Brexit has had no impact on funds growth"

Roger Irrelevant

Is that Dominic Wheatley or Kate Storey? You can never be sure these days.

Jasperino

Well whoopey doo the funds growth is thriving, protected by the states of guernsey along with other subsidised financial industries giving out pro news about the local finance economy. How does this success story benefit all people living in our island. We read about all these success stories in the local press with promotions and Directorships handed out like confetti every single week with gloating cats got the cream pictures , but the profit and wealth does not seem to be seeping through to the unwashed, let them eat cake brigade. The Construction industry, retail and other unmentioned local businesses are on their knees, and that is no exaggeration. The amount of people outside the finance is very very substantial. If it crashes Guernsey is finished, including finance and I mean that.

Nomdeplum

Nonsense, a tiny increase in total asset values is not underlying growth. We're not going to spin our way back to growth - a lot of our politicians policy makers seems to have fallen for their own propaganda.

PeteL

Of coarse it hasn't, it hasn't happened yet, Brexit starts now as Article 50 has just been invoked.

Mars

Can we have figures where the effect of the change is fx rate is stripped out. The value of Sterling has fallen significantly and with so many funds are priced in USD and EUR it raises the question if funds under management have actually risen at all?

REGINALD

"O.K Brexit has no impact on Funds Growth", so what just wait until the end of March 2019, when the U.K is'outof the E.U' and "Out means Out". surely unlikely to go back in the light of experience, 'cap in hand' and plead to rejoin.? Already 'Lloyds of London' is searching for a Brussels based office, rather than disregard E.U. future business. ! What is the position of all those many British er 'refugees' who have gone to live in E.U member Spain for the obviously much better 'life style and weather'.? Send them back, where they came from maybe, with the same attitude as the Brexit mentality. ?