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By Stuart Mauger – The past five years have certainly been eventful for custodians, as they and the financial centres in which they are based have needed to evolve constantly or risk being left behind. Regulatory developments such as the European Union’s Ucits IV and the impending Alternative Investment Fund Managers Directive, as well as the changing geography and demographic of wealth, have had a significant impact on the market. Nevertheless, Guernsey has withstood all this and continues to thrive as the industry has transformed itself.
The growth in investor influence and the return of the segregated custody account in
By Caroline Chan – By all indications, Guernsey remains an attractive centre for the domicile and servicing of investment funds. According to the latest statistics from the Guernsey Financial Services Commission, over the quarter ending March 31, the net asset value of total funds under management and administration in the jurisdiction increased by around 3.3 per cent, to approximately GBP270.1bn.
This figure also represents a year-on-year increase of 2.4 per cent. The quarterly increase is attributable, in part, to fund launches principally in the closed-ended and non-Guernsey scheme sectors.
Despite these encouraging indicators, the island is not resting on
By Simon Gray – In 2009, when leaders of the G20 nations meeting in London were putting a priority on bringing offshore centres to heel as part of their efforts to resolve the global financial crisis and economic downturn, it seemed that the days of jurisdictions like Guernsey in anything like their existing form were numbered. In Europe in particular, new legislation and tougher regulation appeared poised to drive a large proportion of offshore business onshore.
Three years later, the situation no longer seems nearly as clear-cut. Rather than financial business being driven toward more highly regulated onshore centres, many
Alternative Investment Partners, AIP-Kingsmont Fund I and Kingsmont Investment Management, have been awarded a new mandate and have become the new general partner and portfolio manager for a hedge fund.
The fund was previously managed by Pearl and McKinney and its principal Charles Tate, a portfolio manager and founder of Hicks, Muse, Tate & Furst which was involved in more than 400 transactions with a total capital value of approximately USD50bn.
Alternative Investment Partners was instrumental in putting the transaction together and an agreement was signed in June 2012. A new executive team composed of Paget Warner, Alex Kanayev and
By the Malta Financial Services Authority – Investment services regulation: The Investment Services Act provides for the authorisation of investment services licence holders and collective investment schemes operating in or from Malta.
When considering whether to grant or refuse a Licence, the MFSA will, in particular, have regard to:
a. the protection of investors and the general public;
b. the protection to the reputation of Malta taking into account Malta’s international commitments;
c. the promotion of competition and choice; and
d. (in the case of a scheme) the reputation and suitability of the applicant and all other
By Rémi Chevalier and Olivier Sciales, Chevalier & Sciales – I. Why Luxembourg? The establishment of the European Union’s single market has enabled the Grand Duchy of Luxembourg to become one of the leading global domiciles and service centres for both traditional and increasingly alternative investment funds and related vehicles, ranked as the world’s second-largest fund centre measured by assets under management after the United States. From the establishment of Luxembourg’s first fund in 1959 and a total of 805 at the end of 1990, the industry number has grown to 3,874 funds, comprising a total of 13,412 separate investment
By Ashley Le Feuvre, Senior Manager Funds/SPV Group, Volaw Trust & Corporate Services Limited – Jersey is an international finance centre for a range of financial services including fund administration. Businesses are attracted to Jersey by the Island’s stable government, its proximity to both the UK and continental Europe, the significant expertise developed by the industry in a wide range of financial services and a competitive, co-operative and well-regulated tax environment. Jersey is a parliamentary democracy that is a dependency of the British Crown. It is a British Island, but is not part of the United Kingdom, nor is it
By Dillon Eustace – 1. What, if any, are the investor restrictions? Irish Funds are not required to have a minimum number of investors, however, certain Irish regulated funds must, depending on the category of fund, and the specific wording of the legislation, invest capital raised from “the public” (UCITS), raise capital by providing facilities for “direct or indirect participation by the public” (Non-UCITS investment companies) or must constitute an arrangement made for the purpose, or having the effect, of providing facilities for the participation by “the public” (non-UCITS unit trusts).
There are certain other categories, which are not widely
By Paul Wilkes, group partner, Collas Crill – Introduction: Collective investment funds have been operating in Guernsey for four decades, and Guernsey-based funds are promoted and sponsored by leading institutions in over 38 countries. As a result, there is a healthy choice of experienced fund service providers such as administrators, custodians, auditors, tax and legal advisors.
The main advantages of establishing a fund in Guernsey are:
Flexibility of structure and regulation
Experienced service providers
Stability of government and internationally compliant standards
Access to the Channel Islands Stock Exchange (CISX)
Taxation
Legal structures
By James Lasry, Hassans – Since 2005 with advent of the Financial Services (Experienced Investor Funds) Regulations 2005, recently updated to Financial Services (Experienced Investor Funds) Regulations 2012 (“EIF Regs”) Gibraltar’s funds industry has experienced positive and qualitative growth. As the majority of Gibraltar’s funds are Experienced Investor Funds (“EIFs”) this article will focus primarily on that regime.
Investor restrictions
The investors who are eligible to invest in EIFs include investors who:
1. Have EUR1million in assets besides the value of their residential home; or
2. In their ordinary employment activity are investment professionals; or
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