I am not one for being overly negative but I think it is fair to describe the global economic conditions as gloomy. Guernsey has not been completely immune from these pressures however so far we have been able to shelter from the full force of the storm.
In 2007 the number of funds grew by 19% and the value of funds by 37% but last year this was tempered at 8% and 12% respectively as the changed global economic picture came increasingly into play to leave total funds business in Guernsey at just over £200bn by the end of 2008. Traditional funds remain well represented among these flows. However, our business is becoming more and more focused on esoteric asset classes and alternatives such as property, hedge funds/funds of hedge funds and of course private equity where we have carved out a particular niche as a leading domicile. A majo...
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