New findings from the 22nd edition of Monterey Insight’s Guernsey Fund Report, 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$385.7bn at the end of June 2016, a small decline of 2.5% compared to last year. The number of serviced schemes increased to 990 and the total number of sub-funds fell to 1,317 (from 979 and 1,346 respectively).
For fund administration services of both domiciled and non-domiciled funds, Northern Trust remain the largest administrator by total net assets (US$61.9bn), with Ipes (US$44.8bn) and Apax Partners (US$38.0bn) ranked second and third.
Belinda Burgess, head of Northern Trust in the Channel Islands commented: “We are delighted to maintain our place as Guernsey’s largest administrator and custodian by total net assets. Guernsey is a top-tier international finance centre with a robust regulatory and compliance regime that attracts investors looking for the specific benefits offered by the jurisdiction. Northern Trust’s ranking demonstrates our continued commitment to provide services to new and existing clients across the globe from our Guernsey office.”
For funds under custody services of both domiciled and non-domiciled funds, Northern Trust also maintained their lead position with US$18.5bn, Kleinwort Benson (US$8.8bn) kept their second position ahead of BNP Paribas Securities Services with US$6.8bn.
Among legal advisers, Carey Olsen offered legal advice to 670 funds, followed in second place by Mourant Ozannes with 238 funds. Ogier remain ranked in third spot.
Ben Morgan, a partner in Carey Olsen's funds practice, said: "Monterey Insight is the definitive guide to Guernsey's investment funds industry, and it is very encouraging to see Carey Olsen once again positioned as the leading adviser to funds serviced and domiciled on the island." He added: "A number of Guernsey's big fund managers have raised billion dollar funds in the last few months and in virtually every case have been massively oversubscribed. This bodes well for future fund raisings by the same managers, but what is also exciting about the latest Monterey statistics is the number of managers who have chosen Guernsey as the domicile for their funds for the first time. All in all an extremely positive year for Guernsey."
For auditors, PricewaterhouseCoopers is now auditing 361 funds, just ahead of KPMG with 328 funds, Deloitte takes the third position.
Roland Mills, Partner at PwC Channel Islands and Asset Management Leader in Guernsey commented: “We’re delighted to have retained our leading position, and by a wider margin than in 2015, as the largest auditor of Guernsey serviced funds. Guernsey has a thriving investment management industry and is recognised as a global centre of excellence for private equity, providing appropriate structures, a robust regulatory environment and first class professional services. PwC’s ranking demonstrates our commitment to our clients and to the funds industry in Guernsey, as we continue to provide top quality advice to local and global organisations in all sectors of the financial services industry and beyond.”
Among fund management companies, the largest fund promoter for funds serviced in Guernsey is Apax Partners (US$39.0bn), followed by Partners Group and Cinven (with US$22.7bn and US$20.9bn respectively).
Over 100 new schemes (domiciled and non-domiciled) were launched on the Island, accounting for US$31.3bn (this represents 80 Guernsey schemes and assets of US$27.3bn).
For domiciled funds, private equity/venture capital funds are still holding the primary position and accounted for US$211.0bn compared with US$214.9bn in 2015.
“Guernsey had a very busy year in terms of mergers and acquisitions of service providers, highlighting the ever-changing fund landscape and the constant dynamism of the market.
Despite the challenges faced by events such as Brexit and subsequent exchange rate fluctuations, Guernsey managed to attract an increase of business since the previous year: Over 25 new promoters have chosen Guernsey to establish their funds and more than 100 new schemes (domiciled and non-domiciled) were launched on the Island, accounting for US$31.3bn (this represents 80 Guernsey schemes and assets of US$27.3bn).” says Karine Pacary, Managing Director of Monterey Insight.
Monterey Insight Guernsey Fund Report Rankings: