Industry chiefs’ delight at report findings
GUERNSEY remains a global leader in the funds sector, industry chiefs have said.
Responding to research by Monterey Insight, Dave Sauvarin, chief executive of Northern Trust Channel Islands, said: ‘Guernsey maintains its strength as a global launch pad for investment funds, particularly with regard to alternative assets, which are growing in prominence in the world’s financial markets.
‘As we enter 2020 we believe asset managers will continue to see Guernsey as offering stability, security, sustainability and substance for their funds.’
It was pleasing for Northern Trust to be recognised once again as the island’s largest administrator, custodian and transfer agent, reflecting the firm’s deep experience, broad scope of services and flexible approach.
Roland Mills, partner at PwC Channel Islands and asset management leader in Guernsey, welcomed the news that his firm had maintained its leading auditor position in Monterey Insight’s latest Guernsey fund report.
‘In this vastly changing environment, Guernsey continues to have a thriving investment management industry and is recognised as a global centre of excellence for private equity, providing appropriate structures, a robust regulatory environment and first-class professional services,’ he added.
Dermot Dempsey, KPMG Guernsey head of audit, said: ‘It’s great to once again retain our number one position by value of assets. This is due to the continued focus of our local team on this important sector to the island.
‘Entering 2020 we believe Guernsey is well positioned within the global fund industry and have great confidence in its future growth.
‘Interest in the island continues to increase from new promoters as an innovative location for management, domiciliation and servicing of funds in the alternative investment market.’
Ben Morgan, partner and head of Carey Olsen’s corporate and finance group in Guernsey, said: ‘The year-on-year growth in assets under management shows the continued attractiveness of the jurisdiction as a specialist funds centre, which is evidenced by the surge in new fund managers coming to Guernsey and a bumper year for private equity fundraising among the larger fund managers who already use Guernsey.
‘As a firm, Carey Olsen is delighted to have once again retained our position as the leading legal adviser of Guernsey serviced funds, increasing our market share both by total number of funds and total assets. The results are a credit to our team’s high level of expertise, experience and dedication.’
