The overall value of funds business in Guernsey rose by over £28bn to £255.9bn at the end of December 2016, driven by closed-ended funds, according to figures released by the Guernsey Financial Services Commission (GFSC).

The net asset value of funds under management and administration in Guernsey rose by £6.5bn or 2.6% during the final quarter of last year, building on the £21.9bn growth during the first nine months of 2016.

The island’s closed-ended fund sector was valued at £159.4bn at the end of December 2016, an increase of £19bn or 13.4% compared to the last year. The rise came mainly during the last quarter of 2016 when fund values increased £6.8bn or 4.5%.

Open-ended funds domiciled in Guernsey increased £3.3bn or 8.5% over the year to £42.3bn. The value of these funds however, dropped £3.3bn or 7.2% during the final quarter of 2016.

In case of non-domiciled funds in Guernsey but have some aspect of their management, administration or custody carried out in the island, the value rose by £6.2bn or 12.9% year-over-year to £54.2bn.

Guernsey Finance CEO Dominic Wheatley said: “It is encouraging to see strong annual growth in Guernsey’s funds sector. In fact, we have now enjoyed six straight quarters of growth which, when coupled with continued fund formations, particularly in the closed-ended sector, further demonstrates the solidity and stability of Guernsey as a jurisdiction for the administration and management of a diverse range of funds.”