1. ITV Report

Biggest quarter growth in four years for Guernsey funds sector

Photo: ITV News

The Guernsey funds sector enjoyed its biggest growth in four years during the first quarter of 2017.

The latest figures from the Guernsey Financial Services Commission show that the net asset value of funds under management and administration in the island grew by £10.6 billion (4.1%) over the quarter.

This is the highest margin of growth since the first quarter of 2013, when funds grew by £19.7 billion.

From the end of March 2016, total net asset values increased by £28.6 billion (12%).

This takes the total value of funds business in Guernsey to £266.5 billion at the end of March 2017.

This marks the longest continued period of increased value in nearly six years, when June 2009 to June 2011 reached eight straight quarters of growth.

Guernsey Finance Chief Executive, Dominic Wheatley, was encouraged by the latest figures.

Due to the political instability causing global uncertainty at the moment, it is reassuring that Guernsey’s fund industry is showing itself to be a sector of stability and one that is experiencing ongoing growth.

– Guernsey Finance Chief Executive, Dominic Wheatley,

Guernsey, located in the Channel Islands between the UK and France, is an independent dependency of the UK Crown. It is outside of the EU but is granted access to European markets through demonstrated regulatory compliance.

Its finance industry is regulated, governed and operated by pragmatic domestic institutions to the highest international standards.

Guernsey has more than 1,000 investment funds domiciled or serviced in the island, 150 licensed fiduciaries and 800 licensed insurance vehicles.