Guernsey Investment Funds Industry Grows For Fifth Consecutive Quarter

Jan 27 2017 | 7:38pm ET

The investment funds industry in Guernsey grew for the fifth consecutive quarter in the final three months of last year amid concerns about the impact of Britain’s Brexit on the sector, according to research from law firm Ogier Group. 

The island falls under U.K. jurisdiction but maintains a “third country” relationship with the European Union, meaning Britain’s June 2016 decision to leave the EU will have little to no impact on the existing market access rights in place for Guernsey-domiciled funds.

The latest statistics from the Guernsey Financial Services Commission (GFSC) reveal the net asset value of all funds under management and administration up £24.6 billion over the 12 months through the end of September 2016, while there have been double-digit percentage rises in the value of both closed-ended and open-ended funds over the same period. Ogier said. The total amount under administration is now £249.4 billion.

"The net asset value figures demonstrate the strength and sustainability of Guernsey's offering, but it is also very interesting to see that Guernsey remains the investors' choice for non-UK entities listed on the London Stock Exchange,” noted Ogier partner Craig Cordle. ““There is a demonstrable, consistent rise in work being carried out here, even where the funds are not domiciled in Guernsey.”

“That is a clear endorsement that shows managers and investors have confidence in the service quality and expertise on the Island," he added.

Cordle joined Ogier’s investment funds team in November 2016 from a major international law firm in London.  

Tracing its heritage back to 1859 and headquartered in the British Virgin Islands, Ogier operates in a total of eight jurisdictions including BVI, Cayman Islands, Guernsey, Hong Kong, Jersey, Luxembourg, Shanghai and Tokyo. 

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