Funds sector bears up well in hard times

GUERNSEY'S fund industry has shown resilience despite adverse market conditions, according to Lipper's latest Guernsey Fund Encyclopaedia.

The 16th annual analysis of the island's fund sector, which is put together by Thomson Reuters, has revealed Guernsey's fund servicing industry fell by less than 4% to stand at $278.7bn at the end of June, with the total number of funds and subfunds standing at 1,949 – down from 2,057 a year earlier.

However, non-domiciled funds serviced in Guernsey rose by just over £2bn in the last year to reach $42.3bn.

Private equity and venture capital funds now account for 47% of assets domiciled in the island at $110.9bn.

• Read the full story in the Guernsey Press. See below for subscription details.