GUERNSEY - The number of funds serviced in Guernsey has grown by 15.5% during the last year with the total rising to 1,133 funds and subfunds, new research from Fitzrovia International has revealed.
Guernsey, part of Western Europe’s Channel Islands, has established its position as a “centre for more specialised funds”, highlighted by the US$40.1bn in assets in 125 domiciled funds invested in private equity/venture capital funds, Fitzrovia said.
The company’s tenth annual Guernsey Fund Encyclopaedia found Guernsey International Fund Managers has maintained its position as the largest fund administrator in Guernsey, now administering US$25.2bn in assets, ahead of Royal Bank of Canada with US$15.6bn and International Private Equity Services with US$14bn.
Assets invested in funds of funds stand at US$24.5bn, of which funds of hedge funds make up about US$16.5bn, in 263 funds domiciled on the Island.
According to Fitzrovia, Royal Bank of Canada holds the most assets under custody, servicing US$16.5bn. Barings came in second with US$8.1bn and Credit Suisse third with US$7.7bn.
Financial Risk Management (FRM) is the largest promoter of funds of hedge funds domiciled on the Island with US$12.4bn in assets under management.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.