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Fiona Le Poidevin, chief executive of Guernsey Finance

Guernsey funds business continues to grow

The total value of funds business in Guernsey grew by GBP3.6bn (1.3 per cent) during the third quarter of the year, according to figures released by the Guernsey Financial Services Commission (GFSC).

The third quarter increase has built on the GBP9.4bn growth during the first half of the year to take the total net asset value of funds under management and administration in the island to GBP274.4bn at the end of September 2012.

This represents an increase of GBP3.3bn (1.2 per cent) year on year, a rise of GBP31.3bn (12.8 per cent) on the same time two years ago and an increase of GBP92.9bn (51.2 per cent) since the end of September 2009.

Fiona Le Poidevin (pictured), chief executive of Guernsey Finance – the promotional agency for the island’s finance industry, says: “It is encouraging to see continued growth in the Guernsey funds sector. We have now enjoyed three consecutive quarters of growth since the beginning of 2012 and we hope that this trend will continue. It shows confidence in our services at a time when market conditions, particularly in the Eurozone, remain challenging and investors continue to display a certain degree of caution.”

The figures from the GFSC also show that the Guernsey closed-ended sector was valued at GBP130.3bn at the end of September – up GBP4.2bn (3.3 per cent) during the third three months of 2012 and up GBP4.6bn (3.7 per cent) compared to 12 months earlier. Guernsey domiciled open-ended funds reached a net asset value of GBP51.5bn at the end of September 2012, which was a decrease of GBP1.6bn (3.2 per cent) during the quarter and down GBP5.6bn (10 per cent) year on year.

Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the island, grew by GBP1bn (one per cent) during the quarter to reach GBP92.6bn at the end of September 2012, which is GBP4.6bn (5.2 per cent) higher than the value at the end of September 2011.

Le Poidevin says: “Further increases in closed-ended funds and non-Guernsey schemes reflect our current strengths in these areas and match with what industry is reporting to us anecdotally. We note the decline in open-ended funds and will monitor this position going forward.”

Horace Camp, chairman of the Guernsey Investment Fund Association (GIFA), says: "We note the decline in numbers and values of open-ended funds and a number of initiatives are under way to reverse this trend, chief amongst these is Guernsey’s proposed new AIFMD compliant regime. In addition the proposed changes to the non-Guernsey schemes will reinforce success in another important sector of our comprehensive offering."

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