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.

KPMG is the leading auditor on the island with 310 funds. KPMG officials worked with Guernsey authorities in streamlining the fund approval regime on the island.

“The funds industry in Guernsey is very buoyant and we are pleased to be able to play our part in advising on the tax, regulatory and accounting aspects of the establishment and operation of these funds as well as acting as auditor to a great many of them,” Ashley Paxton, partner at KPMG, said in a statement.

KPMG’s lead over PricewaterhouseCoopers is narrowing, though, as PWC now serves 292 funds in Guernsey. Ranking third in the auditing category was Ernst & Young, which works with 140 funds, according to Fitzrovia.

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.