Guernsey’s financial services regulator approved 42 new investment funds during the second quarter of the year, while the net asset value of funds under management and administration fell by 1.1 per cent, according to the Guernsey Financial Services Commission, the supervisory authority for financial services in Guernsey.

Guernsey’s financial services regulator approved 42 new investment funds during the second quarter of the year while the net asset value of funds under management and administration fell by 1.1 per cent, according to the Guernsey Financial Services Commission, the supervisory authority for financial services in Guernsey.

Figures from the commission show that 33 new funds were approved during the third quarter of 2013 and 30 during the fourth, along with 26 during the first quarter of 2014 and 42 during the second quarter.

“It is encouraging to see this high number of new funds being approved for domiciling or servicing in Guernsey. The fact that this straddles the transitional period for the introduction of the Alternative Investment Fund Managers Directive shows that promoters recognise the advantage of Guernsey’s ability to distribute funds into both European and non-European jurisdictions to best meet their specific circumstances,” said Fiona Le Poidevin, chief executive of Guernsey Finance.

The statistics from the GFSC show that the net asset value of all funds under management and administration in fell by £2.9 billion ($4.7 billion) during the second quarter to £261.3 billion at the end of June.

Overall, 17 closed-ended funds and 23 non-Guernsey open-ended schemes between the start of April and the end of June were approved, representing a net growth of 13 funds during the quarter.

The net asset value of all funds under management and administration in Guernsey fell by value by £1.9 billion (4.4 per cent) to £40.7 billion and Guernsey closed-ended funds fell by £0.8 billion (0.5 per cent) to £135.7 billion at the end of June.

“During the second quarter, Citco Fund Services established new administration operations in the Island, which is a huge vote of confidence in Guernsey’s fund industry. Not only are we seeing repeat fund launches from established houses such as Mid Europa and John Laing but also managers which are new to Guernsey, such as Fair Oaks Capital and SQN Capital Management,” said Le Poidevin.