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Guernsey funds industry posts major growth
Real estate news By Jason Conway
9 October 2007
The Guernsey fund servicing industry grew by 45 per cent to reach US$ 275.4 bn in net assets (?137.1 bn) over the year to 30 June 2007, according to the latest research from sector analyst Lipper. The 13th annual edition of the Lipper-backed Guernsey Fund Encyclopaedia provides the Guernsey funds industry with a definitive reference work on the market shares for lawyers, auditors, custodians, administrators and fund promoters.
This year it reveals that for fund administration services of both domiciled and non-domiciled Guernsey funds, Northern Trust is the largest administrator by total net assets (US$ 56.8 bn), while Apax Partners is ranked second (US$ 27.6 bn). Northern Trust also has the largest proportion of assets under custody (US$ 26.3 bn), ahead of Royal Bank of Canada (US$ 20.0 bn). Among professional firms, Carey Olsen now offers legal advice to 794 funds, with Ozannes following in second place with 546 funds.
Ed Moisson, director of European Fiduciary Operations at Lipper, said: "Yet again this analysis demonstrates Guernsey's ability to thrive in an evolving financial marketplace. Alternative investments in particular seem to have found a home here. "The importance of private equity/venture capital funds in securing Guernsey's position as a centre for more specialised funds is highlighted with assets now standing at US$ 86.5 bn domiciled on the Island. The next largest asset classes are funds of hedge funds (US$ 32.4 bn) and real estate funds (US$ 31.0 bn).
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