Guernsey Funds Market looking to build on 2012

| January 25, 2013 | 0 Comments
Gavin Farrell, Mourant Ozannes in Guernsey

Guernsey’s funds market is in a strong position to build on the increased level of activity seen in 2012, according to one of the Island’s leading law firms. Mourant Ozannes in Guernsey advised on a number of key fund-related deals during the year and says that Guernsey remains a jurisdiction of first choice to establish and administer funds.

Figures published by the Guernsey Financial Services Commission during December 2012 showed that the total value of funds business in Guernsey grew by £3.6 billion during the third quarter.

According to the official statistics Guernsey has increased its funds business in the last three years, showing a greater confidence in this island despite the on-going challenging nature of global financial markets.

Gavin Farrell, Partner at Mourant Ozannes in Guernsey, said: ‘There is a level of confidence in Guernsey as an offshore jurisdiction which, coupled with the degree of sophistication and expertise of the local service providers, is very attractive to fund managers, advisers and administrators in what remain difficult and uncertain times. Our track record of advising on significant launches, operational and transactional matters is second to none and we are confident that Guernsey will continue to strengthen its position, and build business, throughout 2013.’

Mourant Ozannes in Guernsey has advised on a number of major transactions towards the end of last year which have included amongst others the £228.5 million IPO of Starwood European Real Estate Limited with IPES as administrator (the largest investment company IPO of 2012); the launch of a £2.2bn registered open ended fund with Elysium as administrators; Norvestor VI, L.P. a USD 540 million private equity fund investing in Norwegian and pan-Nordic mid-market companies with Aztec as administrator; Investec Opportunities Fund PCC Limited, a USD 350 million fund investing in listed and unlisted African credit instruments with Investec Asset Management Guernsey Limited as administrator; Balfour Beatty Infrastructure Partners L.P., the first fund to be advised by Balfour Beatty Infrastructure Partners LLP, an investment advisory business set up by the international infrastructure group and administered by State Street Guernsey; BlueBay Direct Lending Fund I, L.P. which provides lending solutions to European mid-market companies with Augentius as administrator and Headway Investment Partners III L.P. a USD 373 million fund focused on direct secondaries with IPES as administrator.

Gavin Farrell said: ‘Guernsey law firms and professional advisers continue to be busier than in prior years in new launches and there is no doubt the reputation of firms such as Mourant Ozannes is an important factor in attracting business to the Island. Although we have not yet returned to the levels of business we experienced before the global financial crisis, Guernsey continues to perform strongly compared to other jurisdictions and there is no reason to suspect that trend will not continue with future products being launched.’

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Category: Finance & Business

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