Guernsey funds sector demonstrates stability over Q3
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Guernsey funds sector demonstrates stability over Q3 10 December 2014Guernsey Reporter: Stephen Durham
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Guernsey’s financial services regulator has approved 42 new investment funds for the second quarter in succession, resulting in a total of 140 additions during the 12 months to the end of September 2014.
Figures from the Guernsey Financial Services Commission (GFSC) show that 30 new funds were approved during Q4 of 2013, 26 in Q1 of 2014 and 42 during both Q2 and Q3 of this year.
Overall, the net asset value of all funds under management and administration in Guernsey fell by £400 million (1.1 percent) during Q3 of 2014, to £260.9 billion at the end of September.
Dominic Wheatley, the chief executive of Guernsey Finance, said: “It is encouraging to see that Guernsey continues to attract new funds and that both the open-ended and closed-ended funds sectors grew in value during the last quarter.”
“The figures demonstrate the solidity and stability of our funds industry and the continuing attractiveness of Guernsey as a funds centre.”
Vic Holmes, chairman of the Guernsey Investment Fund Association, said he was encouraged by the current health of the island’s funds industry.
Holmes continued: “Overall, Guernsey’s funds sector is in a stable position. We’ve seen growth in the number of new funds and a positive response to our regime under Alternative Investment Fund Managers Directive (AIFMD).”
“As an association we will shortly be submitting our response to European Securities and Markets Authority’s consultation paper on whether or not AIFMD passports should be extended to third countries and will do our utmost to ensure that Guernsey is part of the first wave of approved jurisdictions when the third party passports come into effect.”
Guernsey open-ended funds increased in value by £1 billion (2.5 percent) to £41.7 billion, while Guernsey closed-ended funds also increased by £100 million (0.1 percent) to £135.8 billion.
Non-Guernsey schemes (open-ended funds that are not domiciled in Guernsey but where some aspect of management, administration or custody is carried out in the island) decreased in value by £1.5 billion (1.8 percent) during Q3 to reach £83.4 billion at the end of September.
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