Guernsey's funds industry has shown resilience despite adverse market conditions, according to Lipper's latest Guernsey Fund Encyclopaedia.
The 16th annual analysis of the island's fund sector, which is put together by Thomson Reuters, has revealed that Guernsey's fund servicing industry fell by less than 4% to stand at $278.7bn at the end of June, with the total number of funds and sub-funds standing at 1,949 – down from 2,057 a year earlier.
However, non-domiciled funds serviced in Guernsey rose by just over $2bn in the last year to reach $42.3bn.
Private equity and venture capital funds now account for 47% of assets domiciled in the Island at $110.9bn.
Ed Moisson, head of UK and cross-border research at Lipper said the figures showed Guernsey was performing well.
"The tougher market conditions cannot be underestimated and yet Guernsey continues to carve out niche areas of growth, such as servicing funds domiciled elsewhere," he said.
According to the Lipper figures, Northern Trust remains the largest administrator for both Guernsey domiciled and non-Guernsey domiciled funds by total assets with $47.7bn, ahead of Ipes on $35.4bn and Apax Partners with $26.6bn.
Northern Trust also has the largest proportion of assets under custody, with $22.8bn – a rise of just over a billion from June 2009. This puts it ahead of HSBC Custody Services, which has $14.3bn of assets under custody.
Carey Olsen offers legal advice to 809, with the recently merged Mourant Ozannes second with 543. Ogier looks after 223, while Bedell Cristin supports 102.
Among auditors, PwC looks after the most funds with 526, ahead of KPMG with 423.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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