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Guernsey fairly resilient despite adverse market conditions

October 20, 2010 at 12:12 pm

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Guernsey’s fund servicing industry fell by less than four per cent to reach USD278.7bn (GBP186.3bn) at the end of June 2010, with the total number of funds and sub-funds standing at 1,949, according to Lipper.

Encouragingly, non-domiciled funds serviced in Guernsey rose again to reach USD42.3bn (GBP28.3bn).

For fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator by total net assets (USD47.7bn), while Ipes (USD35.4bn) and Apax Partners (USD26.6bn) are ranked second and third.

Northern Trust also has the largest proportion of assets under custody (USD22.8bn), ahead of HSBC (USD14.3bn).

Among professional firms, Carey Olsen offers legal advice to 809 funds, with the recently merged firm of Mourant Ozannes following in second place with 543 funds.

PricewaterhouseCoopers is the largest auditor of Guernsey serviced funds (526 funds), ahead of KPMG.

Private equity/venture capital funds now account for 47 per cent of assets domiciled on the island, with USD110.9bn (GBP74.1bn).

Ed Moisson, head of UKI and cross-border research, Lipper, says: “The tougher market conditions cannot be underestimated and yet Guernsey continues to carve out niche areas of growth, such as servicing funds domiciled elsewhere.”