New findings from the 30th edition of Monterey Insight’s Guernsey Fund Report, the independent fund research company, reveal the market shares of all service providers in Guernsey’s fund industry.
The 30th annual Monterey Insight Guernsey Fund Report reveals that fund assets serviced in Guernsey increased by 3.2% in USD at the end of June 2024, a 3.5% increase in GBP.
US$bn | YoY Change | GBP bn | YoY Change | |
Assets Serviced | 532.0 | 3.2% | 420.9 | 3.5% |
No. Funds | YoY Change | |
Total Number of Serviced Funds | 1,360 | 1.6% |
Total Number of Serviced Sub-Funds | 1,588 | 1.8% |
As in the previous years, Private Equity/Venture Capital funds remain the most popular investment strategy, leading asset allocations with US$406.0bn, followed by Alternative Investment funds at US$61.3bn.
This trend is mirrored in Guernsey-domiciled funds only, where Private Equity/Venture Capital and Alternative Investment funds totalled US$326.6bn and US$52.5bn respectively.
Turning to the new business, over 60 new funds and sub-funds were launched in Guernsey during the period, contributing to US$7.6bn. Private Equity/Venture Capital funds represented 93.7% of the newly launched funds and sub-funds.
Green funds saw a 6.0% increase in asset value, bringing their total assets to US$7.6billion. In addition to the regulated Green Funds, US$6.7billion have been invested in sustainable/ESG funds.
In the asset managers ranking, Apax Partners retain their first position as the largest promoter/initiator of serviced funds, with Cinven in second place. Permira remains in third place, followed by HgCapital.
Rank | Promoters/Initiators | Total Net Assets US$bn |
1 | Apax Partners | 67.2 |
2 | Cinven | 47.8 |
3 | Permira | 34.8 |
4 | HgCapital | 31.9 |
There were significant shifts in the administrator rankings for both domiciled and non-domiciled funds. Aztec Group surprised the market by taking the top spot from Northern Trust. Furthermore, Apax Partners surpassed Apex Group to secure third place.
Rank | Administrators | Total Net Assets US$bn |
1 | Aztec Group | 107.3 |
2 | Northern Trust | 105.7 |
3 | Apax Partners | 61.2 |
4 | Apex Group | 58.6 |
Matt Horton, Aztec Group Head of Private Equity, said:
"Achieving the number one ranking in the Monterey Guernsey Report is a proud moment for Aztec. Since we opened our doors in Guernsey 18 years ago, our success has been driven by our commitment to delivering exceptional service and innovative solutions tailored to our clients' needs. Securing this market-leading position is a testament to this dedication and the hard work of our incredible team, as well as the trust and support of our clients and partners. We are immensely proud to support Guernsey's thriving fund industry and contribute to its ongoing success.”
On the other hand, Northern Trust continued to lead the rankings as the administrator, transfer agent, and custodian solely for Guernsey domiciled funds.
In the transfer agent rankings for serviced funds, Northern Trust holds onto the top spot with Aztec Group in second place, followed by Apax Partners in third and Apex Group in fourth, reflecting last year's positions.
Rank | Transfer agents | Total Net Assets US$bn |
1 | Northern Trust | 99.5 |
2 | Aztec Group | 94.9 |
3 | Apax Partners | 61.2 |
4 | Apex Group | 52.0 |
Dave Sauvarin, head of Northern Trust, Channel Islands, said:
“Northern Trust has once again been recognised as Guernsey’s largest custodian and transfer agent for both Guernsey and non-Guernsey domiciled funds. In addition, our long-standing experience in the Guernsey funds sector across the spectrum of traditional and alternative funds is illustrated by being ranked as the leading administrator for Guernsey-domiciled funds. Our comprehensive range of solutions across fund administration, transfer agency, banking and custody is enabling us to support the strategic growth plans of our diverse fund manager client base, which includes some of the world’s most successful and innovative investment managers as well as boutique managers.”
Among custodians, the ranking of serviced funds remains unchanged from last year: Northern Trust retain the top position, followed by BNP Paribas in second place and Butterfield Bank in third. JP Morgan Custody Services move up to fourth place, benefiting from the exit of RBC Wealth Management Guernsey.
Rank | Custodians | Total Net Assets US$bn |
1 | Northern Trust | 41.4 |
2 | BNP Paribas | 11.0 |
3 | Butterfield Bank | 7.6 |
4 | JP Morgan Custody Services | 2.4 |
The ranking of funds and sub-funds for auditors remain unchanged this year for the top two positions, as has been the case for several years. PwC maintain their leading position, ahead of KPMG. EY moved up one rank to secure the third position
In terms of asset rankings, PwC also led the field, with KPMG in second place and Deloitte in third.
Rank | Auditors | No. Funds |
1 | PwC | 462 |
2 | KPMG | 219 |
3 | EY | 165 |
Rank | Auditors | Total Net Assets US$bn |
1 | PwC | 161.0 |
2 | KPMG | 119.3 |
3 | Deloitte | 87.9 |
Evelyn Brady, Partner and Guernsey Office Leader, PwC Channel Islands, commented:
“It’s great news that we have retained our leading position again as the largest auditor of Guernsey serviced funds, as well as taking the top position in the ranking by assets. In these ever-changing times, Guernsey has demonstrated its resilience, capabilities and adaptability and continues to have a thriving investment management industry, being well-recognised as a global centre of excellence for investment funds, providing appropriate structures, a robust regulatory environment and first-class professional services. This latest accolade reflects our teams’ commitment both in Guernsey and across the Channel Islands to both our clients and to the local funds industry and I thank them for the part they continue to play in helping us consolidate this leading position. In tough times as well as good, we maintain our focus on providing top quality advice to local and global organisations in all sectors of the financial services industry and we have considerable confidence in the future, whatever challenges and opportunities lie ahead.”
As in previous years, Carey Olsen remain the largest legal adviser by number of funds advised. They are followed in second place by Mourant and in third position by Ogier.
Rank | Legal Advisers | No. Funds |
1 | Carey Olsen | 940 |
2 | Mourant | 222 |
3 | Ogier | 100 |
Ben Morgan, partner and head of Carey Olsen's corporate, finance and funds group in Guernsey, said:
"We are delighted that Carey Olsen continues to be the leading legal adviser to Guernsey's investment funds sector, yet again increasing its market share by AUM. The vastly dominant position of Carey Olsen in Guernsey, a leading funds domicile in a highly competitive market, is a credit to our team's calibre, expertise and the high-quality relationships we hold with clients, both large and small."
Karine Pacary, Managing Director of Monterey Insight, commented:
“For the year up to June 2024, Guernsey's fund industry experienced a steady growth, with total assets serviced increasing by 3.2% in USD and 3.5% in GBP. Private Equity/Venture Capital funds continued to dominate the market, accounting for the largest share of assets and driving new product launches. Additionally, over 60 new funds and sub-funds were launched, contributing to the overall asset growth.
A notable shift occurred in the administrator rankings, with Aztec Group overtaking Northern Trust for the top spot by a narrow margin, Northern Trust retained their leading positions in custody and transfer agency services.”
For more information, please contact:
Karine Pacary, Managing Director
Monterey Insight, Tel. +44 (0)845 625 3863
Notes to Editors
Monterey Insight is an independent fund research company that provides comprehensive statistical analysis of the Guernsey, Jersey, Ireland, Luxembourg and UK fund industries: the only complete reference of service providers for all funds serviced in these jurisdictions.
All the data has been collected as at 30th June 2024, and includes all funds serviced in Guernsey (i.e. including domiciled and non-domiciled funds), unless specified otherwise.
Source: Monterey Insight, Guernsey Fund Report June 2024.
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