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In its 24th Guernsey Fund Report, independent fund research company Monterey Insight reveals that fund assets serviced in Guernsey stood at US$ 399.3 billion at the end of June 2018, up 0.7% compared to 2017.
The number of serviced schemes increased to 1,077 and the total number of sub-funds reached 1,323 compared with 1,018 and 1,363 respectively for the previous year.
For fund administration services across both domiciled and non-domiciled funds, Northern Trust remains the largest by total net assets of US $65 billion and by number of sub-funds (188). It is followed by Ipes ranked second with US$ 47.0 billion and Apax Partners in third position with US$ 39.3 billion.
Dave Sauvarin, Head of Guernsey at Northern Trust, said: “Northern Trust is delighted to again be named Guernsey’s largest administrator, custodian and transfer agent by total net assets. Through the collaboration of Northern Trust and other professionals on the island, we continue to bring new regulated products and inventive asset servicing solutions to the market, ensuring investors and asset managers around the world continue to recognise Northern Trust’s high level of expertise, integrity and service provided from Guernsey, a leading fund jurisdiction and hub of innovation.”
Pictured: Dave Sauvarin
BNP Paribas Securities Services preserved its second position in the custody league table of serviced funds with US$ 10.6 billion ahead of Kleinwort Hambros at US$ 6.6 billion.
Among the transfer agents, Ipes maintained its second position with US$47.0bn and Apax Partners rose to third positon with a total of US$ 39.3 billion
The ranking for auditors was unchanged this year, as has been the case for a number of years, PwC maintaining its lead position auditing 365 funds, ahead of KPMG with 295 funds and EY in third position.
Roland Mills, Partner at PwC Channel Islands and Asset Management Leader in Guernsey said: “We’re delighted to have retained our leading position 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.”
This league table is reversed for the auditors ranking by assets: KPMG lead with US$140.3bn followed by PwC in second position with US$116.3bn and Deloitte is in third position.
Neale Jehan, KPMG CI Managing Partner, said “It’s great to retain our number one position by value of assets, which we have held for a number of years now. This is due to the continued focus of our local team on such an important sector and continued investment in the island. We believe Guernsey is currently well positioned within the global fund industry and have great confidence in its future growth. We are seeing increasing interest in the island from new promoters as an innovative location for management, domiciliation and servicing of funds in the alternative investment market.”
Pictured: Neale Jehan
Among fund managers, the largest promoter/initiator of funds serviced in Guernsey is Apax Partners with US$ 40.4 billion. Partners Group climbed to the second position with US$ 21.1 billion followed by Permira US$ 15.3 billion.
95 funds and sub-funds domiciled in Guernsey were launched during the year accounting for US$ 15.5 billion in assets of which 58 sub-funds were private equities with a total net asset of US$ 12.1 billion representing 78.1% in assets of the newly launched product.
Karine Pacary, Managing Director of Monterey Insight, commented: "We are pleased to reveal continuing stability of the Guernsey Fund Industry in the 24th edition of our Monterey Guernsey Fund Report. In fact, Guernsey has managed to attract 21 new promoters to establish their funds in the island and combined with the existing promoters, over 140 new serviced funds and sub funds were launched in the same period, accounting for US$19.3 billion. In a landscape where private equity and venture capital funds hold a prime position, Guernsey continues to be recognised as a reliable and trusted market."
Pictured top: Northern Trust Guernsey office
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