Guernsey's innovation, world-leading capabilities and evidence of fund growth were all key as the island was named 'Best Centre for Fund Administration' at the 2017 Investment Week Fund Services Awards.

The results were announced in a ceremony at the Royal Garden Hotel in London on 3 October, with the jurisdiction fending off competition from fellow international finance centres Jersey, Luxembourg and Dublin.

Guernsey Finance Chief Executive Dominic Wheatley said the award was testament to the hard work being done in the island's funds sector by all parties.

He said: "Guernsey's funds industry is going from strength to strength and that's thanks to government, industry, the regulator and Guernsey Finance. The island embraces new technologies and ideas and we anticipate further success for our funds sector in the future."

Guernsey's entry cited several examples of times it has innovated or shown itself to be a world leader in the implementation of new financial agreements and technology over the last 12 months.

It pointed to record figures such as private equity funds passing the £100 billion mark at the end of 2016, and the growth in net asset value of Guernsey-domiciled funds – the latest figures indicated an eighth straight quarter of growth, demonstrating the solidity and stability of Guernsey for the administration and management of a diverse range of funds.

The island's key example of innovation also came from the private equity market with the first commercial deployment of Blockchain technology. It was announced in February that Northern Trust, in collaboration with key stakeholders, had built a security-rich blockchain based on the open source Hyperledger Fabric. It was to be used by Geneva-based asset manager Unigestion, who opted for Guernsey because legislation was approved by our authorities before anyone else.

Guernsey also brought two new funds products to the market – the Private Investment Fund and the Manager Led Product – advancements that ensure fund managers have options to meet theirs and their investors' needs in the ever-changing global landscape, sending out a clear message that Guernsey is well and truly open for business. In addition, the island remains a world leader as the number-one choice for non-UK entities listed on the London Stock Exchange.

"Confidence in Guernsey is shown by the volume of incoming and repeat business in the funds sector," said Mr Wheatley. "The fact that the island was recommended for a third-country passport under AIFMD by the European Securities and Markets Authority is further evidence that Guernsey continues to meet the highest international standards and offers an excellent stable and competitive business environment.

Augentius, which has a Guernsey office, was also named Best Fund Administration Team at the awards.

For more information about Guernsey's finance industry please visit www.guernseyfinance.com.

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