Brexit has had no impact on funds growth

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

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.

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