New funds for Guernsey, despite drop in assets
10 March 2015 Guernsey
Image: Shutterstock
Guernsey Financial Services Commission (GFSC) approved 27 new investment funds in Q4 2014, meaning that a total of 137 new additions were approved last year.
Despite this, the net asset value of all funds under management and administration in Guernsey fell by 16.2 percent, or by £42.2 billion, and now totals £218.7 billion.
This drop has been attributed to a large non-Guernsey scheme manager exiting the jurisdiction.
In Q4 2014, open-ended funds in the island decreased in value by £2 billion, or 4.8 percent, to £39.7 billion, and closed-ended funds remained unchanged with a value of £135.8 billion.
Non-Guernsey schemes, that is, open-ended funds that are not domiciled in Guernsey but have an aspect if their management, administration or custody in the island, decreased in value by 47.4 percent, dropping by £39.5 billion to £43.9 billion.
Dominic Wheatley, CEO of Guernsey Finance, said: “The reduction in the net asset value of funds in Guernsey during the final quarter of last year was expected after BlueCrest’s announcement in November that it was relocating from Guernsey for operational reasons.”
“While this development was disappointing, the underlying picture is that Guernsey remains an attractive destination for funds, as demonstrated by the number of formations approved in the final quarter of last year and over the course of 2014 as a whole.”
The 27 newly appointed funds include one open-ended fund, 18 closed-ended funds, and eight non-Guernsey schemes. They bring the total number of funds approved for domiciling or servicing in Guernsey to 1,048.
Despite this, the net asset value of all funds under management and administration in Guernsey fell by 16.2 percent, or by £42.2 billion, and now totals £218.7 billion.
This drop has been attributed to a large non-Guernsey scheme manager exiting the jurisdiction.
In Q4 2014, open-ended funds in the island decreased in value by £2 billion, or 4.8 percent, to £39.7 billion, and closed-ended funds remained unchanged with a value of £135.8 billion.
Non-Guernsey schemes, that is, open-ended funds that are not domiciled in Guernsey but have an aspect if their management, administration or custody in the island, decreased in value by 47.4 percent, dropping by £39.5 billion to £43.9 billion.
Dominic Wheatley, CEO of Guernsey Finance, said: “The reduction in the net asset value of funds in Guernsey during the final quarter of last year was expected after BlueCrest’s announcement in November that it was relocating from Guernsey for operational reasons.”
“While this development was disappointing, the underlying picture is that Guernsey remains an attractive destination for funds, as demonstrated by the number of formations approved in the final quarter of last year and over the course of 2014 as a whole.”
The 27 newly appointed funds include one open-ended fund, 18 closed-ended funds, and eight non-Guernsey schemes. They bring the total number of funds approved for domiciling or servicing in Guernsey to 1,048.
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