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Carey Olsen has retained its place as the leading legal adviser to Guernsey's investment funds sector in the annual Monterey Insight Guernsey Fund Report, improving its position year-on-year.
The firm has increased its market share to over 81% of the entire Guernsey fund market by assets under management (AUM), and nearly 74% by the total number of Guernsey-based funds.
The independent report showed Carey Olsen advised on 977 funds containing over $380bn assets as at 30 June, the majority of which were Guernsey-domiciled.
The number advised rose by 162 on the previous year, and is over 750 ahead of its nearest competitor.
Fund assets serviced in Guernsey stood at US$517.5 billion at the end of June 2023. The number of serviced schemes stood at 1,343 and the total number of sub-funds reached 1,564, an increase from 1,280 and 1,520 respectively in 2022.
80 new funds and sub-funds were launched locally this year, accounting for $33.4bn, twice the assets of last year. 30 funds and sub-funds migrated to Guernsey service providers from other domiciles, adding a billion dollar’s worth of assets.
Partner and head of Guernsey's corporate, finance and funds group in Guernsey, Ben Morgan, said: "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."
Pictured (top): Ben Morgan.
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