BlueCrest departure sees net asset value dip £42bn

The withdrawal of the fund manager at the end of last year has hit the net asset value of funds under management and administration in the island.

Figures from the Guernsey Financial Services Commission have revealed that the net asset value of all funds in Guernsey fell by £42.2bn (16.2%) during the fourth quarter to £218.bn – almost entirely due to Bluecrest's exit.

'The reduction in the net asset value of funds in Guernsey during the final quarter of last year was expected after BlueCrest's announcement in November that it was relocating from Guernsey for operational reasons,' said Guernsey Finance chief executive Dominic Wheatley.

'While this development was disappointing, the underlying picture is that Guernsey remains an attractive destination for funds, as demonstrated by the number of formations approved in the final quarter of last year and over the course of 2014 as a whole.'

In all, 27 new investment funds were approved by the GFSC over the quarter – one open-ended fund, 18 closed-ended funds and eight non-Guernsey open-ended schemes, meaning the total number of funds currently approved for domiciling or servicing in Guernsey stands at 1,048.

Guernsey open-ended funds decreased in value by £2bn (4.8%) to £39.7bn, while Guernsey closed-ended funds remained unchanged at £135.8bn.