Guernsey fund servicing sees 20% growth

Guernsey saw its fund servicing industry grow by 20% over the past year, according to Lipper.

The increase saw the island's net assets rise from $275.4bn to $331.4bn during the 12 months to 30 June this year. This hike, in the face of global downturn, followed a rise of 45% during the previous 12 months.

The figures are revealed in Lipper's newly published Guernsey Fund Encyclopaedia, which aims to provide a comprehensive breakdown of the respective market shares of auditors, custodians, administrators, lawyers and fund promoters on the island.

Northern Trust emerged as the largest administrator with US$61.5bn, and the largest custodian, with US$35.8bn in total net assets.

PricewaterhouseCoopers was the top auditor, with 516 funds, while Carey Olsen provided legal advice to 929 Guernsey-based funds.

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