Carey Olsen increases market share as leading legal adviser to Guernsey funds industry
Carey Olsen Guernsey has retained its place as leading legal adviser to Guernsey's investment funds sector in the 29th annual Monterey Insight Guernsey Fund Report, which shows that the firm has increased its market share to over 81% of the entire Guernsey-domiciled fund market by assets under management (AUM) and near 74% by the total number of Guernsey-domiciled funds.
The Report, which is produced by independent research firm Monterey Insight, shows that as of 30 June 2023, Carey Olsen Guernsey advises 977 funds comprising over US$ 380.5 billion of assets, up from 809 previously and now more than 763 ahead of its nearest competitor. Of those funds, 848 are Guernsey-domiciled schemes.
Partner and head of Guernsey's corporate, finance and funds group in Guernsey, Ben Morgan, said: "We are pleased that Carey Olsen continues to be the leading legal adviser to Guernsey's investment funds sector, increasing its market share by AUM and number of funds. The vastly dominant position of Carey Olsen in Guernsey, a leading funds domicile in a highly competitive market, is a credit to our team's calibre, expertise and the high-quality relationships we hold with clients, both large and small."
The Report found that fund assets serviced in Guernsey stood at US$517.5 billion at the end of June 2023. The number of serviced schemes stood at 1,343 and the total number of sub-funds reached 1,564, an increase from 1,280 and 1,520 respectively in 2022.
80 new funds and sub-funds were launched in Guernsey this year, accounting for US$33.4 billion, twice the assets of last year. 30 funds and sub-funds migrated to Guernsey service providers from other domiciles, adding US$1.1 billion of assets and bringing the total number of newly launched funds, newly serviced funds and sub-funds to $34.5 billion.
