Growth of funds industry points to a promising future
The net asset value of all funds under management and administration in Guernsey at the end of June stood at £247.1bn – an increase of £9.1bn (3.8%) since the end of March, and £27.2bn (12.3%) over the year. The figures have been on the rise for the past year, for both closed-ended and open-ended funds.
'The stats are very good and we need to be upbeat about that,' said Andrew Whittaker, chairman of the Guernsey Investment Funds Association and managing director of funds administrator Ipes.
'We have done very well getting some very large fund managers based in Guernsey and in a challenging environment where people are looking to go to different jurisdictions, their launches send a message to the market that you have market-leading funds domiciled in Guernsey.'
Some billion-pound fund launches from the island have boosted the local figures and overcome a loss of a number of smaller funds over the past 18 months or so, Mr Whittaker said. 'They make sure that Guernsey remains a high-profile jurisdiction for private equity,' he added.
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