New findings from Monterey Insight, the independent fund research company, reveal the market shares of all service providers in Guernsey’s funds industry.
For fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator by total net assets (US$85bn), while Ipes (US$39.7bn) and Apax Partners (US$33bn) are ranked second and third.
Aztec Financial Services secured the largest proportion of new administration business introduced over the past year (US$19.2bn in assets), ahead of Ipes (US$8.0bn).
Fund assets serviced in Guernsey reached US$365.1bn at the end of June 2012. The number of serviced schemes rose to 1,050 and the total number of subfunds reached 1,648 end of June 2012.
Northern Trust also had the largest proportion of assets under custody (US$26.1bn), ahead of HSBC Custody Services (US$15.2bn) and Kleinwort Benson (US$13.07bn).
Among legal advisers, Carey Olsen offered legal advice to 765 funds, followed in second place by Mourant Ozannes with 430 funds. Ogier ranked in third position.
PricewaterhouseCoopers maintained its lead for Guernsey serviced funds, auditing 406 funds ahead of KPMG with 379 funds.
Among fund management companies, the largest fund promoter of Guernsey domiciled schemes is Apax Partners (US$33bn), followed by EQT Partners (US$21bn) and in third position Civen (US$18bn).
Private equity/venture capital funds accounted for 56.4% of assets domiciled on the Island with US$174.2bn, compared to US$133bn in 2011.
“The importance of private equity funds for the industry is underlined by the fact that the 5 largest schemes launched during the past year were all private equity funds. It has been a pleasure to work with the local industry for the eighteenth year to deliver high quality research that helps those involved to grow their businesses.” says Karine Pacary, Managing Director of Monterey Insight.
“Northern Trust is delighted to be recognised as the largest administrator and custodian by assets in Guernsey,” said Paul Cutts, country head of the Channel Islands, Northern Trust. “Guernsey is a leading international funds location, offering unique opportunities for promoters of both conventional and alternative funds. We are pleased to support some of the most successful and innovative investment managers from across the globe with their custody and administration requirements from here, where our office has just celebrated its 40 year anniversary.”