Fund services in Guernsey show strong growth

Guernsey’s fund servicing industry rose by over 6% to reach 2,057 funds and sub-funds at the end of June 2009, with total net assets of $289.4 billion (£175.7 billion).

While total industry assets fell by nearly 13%, non-domiciled funds serviced in Guernsey rose slightly to reach $40.0 billion (£24.3 billion) according to figures revealed in Lipper’s Guernsey Fund Encyclopaedia, its annual analysis of the island’s fund industry.

Fund administration services of domiciled and non-domiciled funds, Northern Trust is the largest administrator for funds domiciled in and outside the island by total net assets ($45.7 billion. International Private Equity Services ($34.6 billion) and Apax Partners ($30.4 billion) are ranked second and third.

Northern Trust also has the largest proportion of assets under custody ($21.4 billion) well ahead of HSBC ($15.3 billion).

Among the legal profession, Carey Olsen offers legal advice to 888 funds with Ozannes following in second place with 585 funds.

PricewaterhouseCoopers is the largest auditor of Guernsey serviced funds, auditing 539 funds.

Private equity/venture capital fund assets increased to $125.3 billion (£76.1 billion) domiciled on the island over the period under review.  The next largest asset classes are funds of hedge funds ($21.3 billion).

Largest service providers for all funds serviced in Guernsey (non-domiciled funds under administration or custody in Guernsey; at June 30, 2009)

Source: Lipper, a Thomson Reuters company.