Northern Trust has been ranked the largest fund administrator and the largest custodian in Guernsey, according to the fourteenth annual edition of Lipper’s Guernsey Fund Encyclopedia. It is Northern Trust’s second year in a row to receive the designation.
The Encyclopedia, which provides the Guernsey funds industry with a definitivee reference work on the market shares of auditors, custodians, administrators, lawyers and fund promoters, listed Northern Trust as the largest administrator by total net assets (US$61.5 billion) for fund administration services of both domiciled and non-domiciled funds and with the largest proportion of assets under custody (US$35.8 billion), as at 30 June 2008
“Northern Trust’s recognition as Guernsey’s largest administrator and custodian reflects our ability to meet the dynamic, asset servicing needs of our international client base,” says Vic Holmes, chief executive officer of Northern Trust’s Channel Islands operations. “Our specialist teams in Guernsey draw on our long-standing local expertise, backed by Northern Trust’s global platform, to innovate and develop servicing solutions across a broad spectrum of asset classes.”
Lipper’s research also revealed that Guernsey’s fund servicing industry has grown by 20% over the year to 30 June 2008, and has now reached US$331.4 billion in net assets.
“Despite the events of the past year, Guernsey continues to prosper as a fund servicing centre; almost 2 000 funds and sub funds are now serviced on the island,” says Ed Moisson, director of fiduciary operations at Lipper. “Its reputation as a home for more specialist investments, such as private equity and funds of hedge funds, plays a significant part in Guernsey’s success. We continue to evolve our services to meet contemporary fund needs and are pleased to be able to report that the Guernsey funds industry as a whole continues to demonstrate a forward-thinking vision and a commitment to upholding its world-class financial centre status.”
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