New findings from Monterey Insight, the independent fund research company, reveal the market shares of all service providers in Guernsey’s funds industry.
Fund assets serviced in Guernsey stood at US$426.1bn at the end of June 2014, a growth of 7.19% compared to last year. However, the number of serviced schemes declined to 1,026 and the total number of sub-funds fell to 1,442 (from 1,031 and 1,518 respectively).
For fund administration services of both domiciled and non-domiciled funds, Northern Trust remain the largest administrator by total net assets (US$71.1bn), with Ipes (US$48.7bn) and Apax Partners (US$37.3bn) ranked second and third.
Aztec Group secured the largest proportion of new administration business introduced over the past year (US$3.0bn in assets), ahead of Northern Trust (US$2.9bn).
Northern Trust also had the largest proportion of assets under custody (US$24.5bn), Kleinwort Benson (US$9.6bn) took second position this year ahead of BNP Paribas Securities Services with US$7.4bn.
Among legal advisers, Carey Olsen offered legal advice to 714 funds, followed in second place by Mourant Ozannes with 301 funds. Ogier remain ranked in third spot.
For auditors, KPMG has regained top position and is now auditing 371 funds ahead of PricewaterhouseCoopers with 348 funds.
Among fund management companies, the top three remain the same as last year; the largest fund promoter of Guernsey domiciled schemes is Apax Partners (US$37.3bn), followed by EQT Partners (US$22.5bn) and in third position Cinven (US$21.9bn).
Private equity/venture capital funds accounted for 64.3% of assets domiciled on the Island with US$232.7bn, compared to US$203.7bn in 2013. This represents a total of 400 sub funds (34%) out of a total of 1,176 Guernsey domiciled funds.
“Our 20th edition of the Monterey Guernsey Fund Report has highlighted how 2014 has proved to be another year of stability for their fund industry. Guernsey managed to attract over 30 new promoters to establish their funds there and 83 new domiciled schemes were launched during the year.
Private equity funds remain the signature of the Guernsey fund industry, and continue to increase year on year: they are the only asset type that gained in the total number of funds (+8%); the top three of newly launched products added in assets accounted for 61.3%; and similarly, the top three of newly launched products in number of sub funds accounted for 20%. We are glad to see Guernsey continue to be an attractive option for specialist products.” says Karine Pacary, Managing Director of Monterey Insight.