Guernsey saw its position in the international fund management sector increased by 14% over the year...
Guernsey saw its position in the international fund management sector increased by 14% over the year to 30th June 2001, according to the latest research by Fitzrovia International, however, the assets under management have decreased because of pressured international investment conditions.
Published in its seventh comprehensive analysis of the Channel Islands fund management industry, Fitzrovia says figures show the number of funds grew from 783 to 894 funds, despite the difficult global investment conditions which contributed to fund assets decreasing slightly over the year.
Guernsey's position as a centre for more specialised types of funds has also been re-affirmed with the number of alternative investment funds serviced (see Notes to Editors) on the Island growing from 12 to 30 funds, with a total of US$ 788.0 million of fund assets (US$ 173.8 m as at 30th June 2000).
In particular, there has been a noticeable growth in funds of funds domiciled in Guernsey, says Fitzrovia, with both the number and assets of these funds increasing by over 35%.
"Serviced" funds are all those that are either legally established in Guernsey, or established elsewhere but with administration or custody services carried out on the Island.
This comes at a time when Guernsey is under pressure to maintain its tax regime and its position as an international financial centre.
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