Figures from the Guernsey Financial Services Commission (GFSC) show that the net asset value of funds under management or administration in the Island grew £19.7bn (7.1%) during the first quarter of 2013 – to reach £295.5bn at the end of March 2013.
This represents an increase of £26.4bn (9.8%) on the previous year and a growth of £32.8bn (12.4%) on the same time two years ago and a rise of £99.1bn (50.2%) since the end of March 2010.
Total deposits held with Guernsey banks also increased £3.8bn (4.4%) during the first three months of the year and the insurance sector has experienced net growth of 24 entities which were domiciled in the Island between the end of last year and the end of May 2013 – a totall of 761overall.
Guernsey Finance chief executive Fiona Le Poidevin described the growth among the open ended, closed-end and non-Guernsey sectors as ‘promising’ and pointed to the island’s notable fund launches during the first quarter, including ICG-Longbow Senior Secured UK Property Debt Investments Limited – the first London-listed fund Initial Public Offering (IPO) of 2013.
The latest fund statistics were released one week after the GFSC issued Guernsey’s domestic Alternative Investment Fund Managers Directive (AIFMD) marketing rules and confirmed that it was able to accept applications prior to 22 July 2013.
This followed the European Securities and Markets Authority (ESMA) approval for the bilateral agreements to be signed, which will create a formal framework of cooperation on matters of mutual interest between the GFSC and the equivalent bodies in the EU member states, Croatia, Iceland, Liechtenstein and Norway.
“The ESMA announcement and the publication of the approved marketing rules mean that Guernsey is very well placed for when AIFMD goes live on 22 July,” Poidevin said.
She added that Guernsey would offer a dual regime – an AIFMD offering for those EU investors and managers who need, or choose, to take this route and its existing regime for those that fall outside the scope of AIFMD or are able to take advantage of National Private Placement regimes.
- The Guernsey closed-ended sector was valued at £137bn at the end of March 2013 – up £6bn (4.6%) during the final three months of 2012 and up £13.1bn (10.6%) compared to twelve months earlier
- Guernsey domiciled open-ended funds reached a net asset value of £54.1bn at the end of March 2013, which was an increase of £3.8bn (7.6%) during the quarter but down £1.7bn (3%) year-on-year
- Non-Guernsey schemes, where some aspect of management, administration or custody is carried out in the Island, grew by £9.9bn (10.4%) during the quarter to reach £105.4bn at the end of March 2013, which is £15bn (16.6%) higher than the value at the end of March 2012
- The GFSC’s monthly statistical update for the insurance sector shows that the greatest growth continues to be in the number of Protected Cell Company (PCC) cells and also Incorporated Cell Company (ICC) cells.
