GUERNSEY’S fund industry remains robust and continues to attract business, according to newly-published research by Lipper.
The 15th Guernsey Fund Encyclopaedia, which is put together by the Thompson Reuter company, found that while the island’s total industry assets fell by nearly 13% to US$289.4bn to the end of June, the fund servicing industry itself rose by more than 6% to reach 2,057 funds and subfunds.
Non-domiciled funds also performed well, rising slightly to reach US$40bn, while private equity fund assets domiciled on the island increased to US$125.3bn.
Ed Moisson, director of fiduciary operations at Lipper, said the results were encouraging. ‘With the rise in the number of funds of funds and the increased assets for private equity funds, Guernsey certainly seems to be able to continue attracting business even in these tougher economic conditions.’
For fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator with total net assets of US$45.7bn, with International Private Equity Services and Apax Partners second and third with US$34.6bn and US$30.4bn respectively.
Northern Trust also has the largest proportion of assets under custody, with US$21.4bn, ahead of HSBC at US$15.3bn.
Article posted on 26th October, 2009 - 2.30pm
Most Commented: