Guernsey named number one destination for private equity

Private banking customers have named Guernsey as their preferred location for equity fund administration, a new survey has revealed.

According to the latest Private Equity News/State Street CFO [chief financial officer] survey, 61 per cent of respondents described the Channel Island as their destination of choice.

Commenting on the figures, Guernsey Finance chief executive Peter Niven said they showed how strongly fund managers endorse the Bailiwick and reinforced its image as the leading centre for private fund administration in Europe.

"We have built a reputation in this asset class during the last decade and this is yet further evidence of the value placed on our experience and expertise by key decision makers within some of the principal players in the sector," he added.

This news comes after the latest quarterly report by the Guernsey Financial Services Commission revealed total net asset values in Guernsey-domiciled funds increased by nearly 40 per cent in 2010.ADNFCR-2318-ID-800453698-ADNFCR