LONDON (HedgeWorld.com)–The number of funds in Guernsey grew by 15.5% during the last year, according to survey figures released by Fitzrovia International plc.
The research company found that assets in funds domiciled in Guernsey total US$24.5 billion. Of that amount hedge funds account for US$16.5 billion, spread among 263 different funds located on the island. Financial Risk Management was the largest hedge fund entity domiciled in Guernsey, with US$12.4 billion in fund of hedge fund assets.
Overall, the number of funds grew to 1,133 from 98 funds and subfunds during the year through June 30. Fitzrovia also rank serviced providers in the region for inclusion in its Guernsey Funds Encyclopedia.
The largest fund administrator is Guernsey International Fund Managers, which services US$25.2 billion in assets. The next largest is Royal Bank of Canada with US$15.6 billion and International Private Equity Services with US$14 billion in assets under administration.
As for custodians, Royal Bank of Canada leads the way in terms of assets, with US$16.5 billion in custody in Guernsey. Barings ranks second, with US$8.1 billion in custody assets, and Credit Suisse is third with US$7.7 billion.