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Carey Olsen maintains strong funds market share

Carey Olsen maintains strong funds market share

Friday 22 December 2023

Carey Olsen maintains strong funds market share

Friday 22 December 2023

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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