Funds under management and administration in Guernsey rose by 5% in the last quarter to reach a new high.
Figures released by the Guernsey Financial Services Commission (GFSC) show between the end of June and the end of September the value of funds in Guernsey in creased by £5.7bn to £120.5bn, which is a 31% year-on-year rise.
The latest findings show the number of funds on the Island has increased by 40 to a total of 885 since June, while the value of open and closed-ended funds also increased from £92.6bn to £97.7bn, a rise of 5.5%.
Meanwhile, the value of non-Guernsey schemes, where just some aspects of the administration or management is conducted in the Bailiwick, rose from £22.1bn to £22.8bn, while the number of schemes in this category increased by 10.
The results also show the Commission approved 32 new open-ended funds, 172 new classes of open-ended funds, and 83 new close-ended funds, while it also gave approval to 36 qualifying investment funds, which brings the total to 72 since the scheme was launched in February 2005.
Peter Moffatt, director of investment business at the GFSC, says new fund approvals are continuing to run at record levels, along with a continuing flow of inquiries both from those with an established track record of domiciling their international funds in Guernsey and from promoters new to the jurisdiction.
And Peter Niven, chief executive of Guernsey Finance, adds: “The fact we are continuing to see a substantial influx of new funds business despite consistently achieving growth which takes us to new record levels, simply demonstrates the strength of the product we have on offer.”
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