New figures reveal 20% fund rise

Lipper says there are nearly 2,000 funds and sub-funds in Guernsey

Guernsey's fund servicing industry grew by 20% over the past year, according to new research.

The figures are revealed in the 13th edition of Lipper's Guernsey Fund Encyclopaedia.

The company is a leading fund intelligence company which breaks down the market share of those working within the finance industry.

Lipper said in the year to the end of June, the island's net assets rose to $331.4bn.

The increase, in the face of global downturn, followed a rise of 45% during the previous 12 months.

The research is also claiming Guernsey has continued to prosper as a base for hedge funds and private equity firms, despite the turmoil in global financial markets.