The guide said that the offshore law firm holds 53.9 per cent of the Guernsey market by number of funds, having advised 726 domiciled and non-domiciled funds during the 12 month period under review.

In addition, across Guernsey and Jersey, Carey Olsen advises the highest number of domiciled schemes of any law firm with offices in the Channel Islands, acting for 901 domiciled funds across the board.

The annual guide provides a comprehensive analysis of the performance of all funds serviced in Guernsey and regulated by the Guernsey Financial Services Commission. The report also offers an insight into the primary service providers who are ranked by the number of funds they advise and by total assets under management.

Karine Pacary, managing director of Monterey Insight, said that private equity funds continue to dominate the fund landscape in Guernsey in 2013, accounting for over 60 per cent of total assets.

"Since 2010 each year has had a steady increase in assets in Guernsey with 2013s total progressing beyond the previous high of 2008. Its ability to adapt to increasing regulation, such as the AIFMD introduction, provides evidence of its on-going attractiveness as a fund investment centre," said Pacary.