Funds growth puts island back on an upward trend

The value of investment fund business in the island grew by £2.8bn (1.28%) in the first quarter of 2015 to £222.2bn and the Guernsey Financial Services Commission approved 25 new funds over the same period.

'It is encouraging to see strong growth in the Guernsey funds sector at the start of this year – not only in terms of the net asset value of funds under management and administration but also in the number of new funds approved in the quarter,' said Dominic Wheatley, chief executive of Guernsey Finance.

'With this news coming just a month after we hosted the best-ever attended Guernsey Funds Forum in London, with more than 500 delegates, it reinforces Guernsey's attractiveness as a leading funds centre.'

Andrew Whittaker, chairman of the Guernsey Investment Fund Association, said the figures were positive but admitted that much of the growth was coming from the island's traditional business base. Gifa was continuing to work to attract new business to the island, he said.

Mr Whittaker said the next 12 months were a key period for funds in Guernsey in terms of developments in international and supranational regulation and how the island was able to respond. Gifa was in talks with government on a number of issues, he said.

'We will support them in making sure that we make the right decision,' he said.