Guernsey's fund industry is still attracting business despite a significant slump in assets, an annual report by Lipper has shown.

Even though total industry assets fell by nearly 13 per cent, there are more funds, there is greater investment in private equity and there has been an increase in fund assets for non-domiciled funds.

Lipper’s 15th annual report found that Guernsey’s fund servicing industry grew by over six per cent to reach 2,057 funds and sub-funds at the end of June 2009 - with total net assets of $289.4 billion (£175.7 billion). Private equity/venture capital fund assets increased to $125.3 billion domiciled on the island. Non-domiciled funds serviced in Guernsey rose to $40 billion.

“With the rise in the number of funds of funds and the increased assets for private equity funds, Guernsey certainly seems to be able to continue attracting business even in these tougher market conditions,” said Ed Moisson, director of fiduciary operations at Lipper.
 
Among fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator by total net assets - $ 45.7 billion - followed by International Private Equity Services - $ 34.6 billion - and Apax Partners - $ 30.4 billion.

Northern Trust also has the largest proportion of assets under custody - $21.4 billion - ahead of HSBC - with $15.3 billion.
 
Of the professional firms, Carey Olsen offers legal advice to 888 funds, with Ozannes following in second place with 585 funds. 

PricewaterhouseCoopers is the largest auditor of Guernsey-serviced funds, auditing 539 funds, ahead of KPMG.