16 December 2022
Carey Olsen increases market share as leading legal adviser to Guernsey funds industry
Carey Olsen confirmed as the leading legal adviser to Guernsey's investment funds sector in the 28th annual Monterey Insight Guernsey Fund Report 2023, a report produced by independent research firm Monterey Insight. For the year ending 30 June 2022, Carey Olsen Guernsey now advises 960 funds in total, of which 809 are Guernsey-domiciled schemes, which represents an increased market share to 73% of the total number of all Guernsey domiciled funds.
These 809 funds comprise US$323 billion of assets, which represent 81% of the entire Guernsey domiciled funds market by assets under management (AUM).
Ben Morgan, partner and Group Head of Carey Olsen's funds practice in Guernsey said "The latest findings from Monterey Insight once again evidence our position as the go-to legal adviser in Guernsey for both domiciled and non-domiciled funds. Despite the challenging past year for many businesses, the funds industry in Guernsey has shown it is resilient, stable and showing signs of further growth since the pandemic. It underscores Guernsey's position as a centre of excellence for the domiciliation of investment funds for many of the largest fund managers in the world. The considerable dominance of Carey Olsen is a credit to our team's expertise and experience and reflects the significant commitment from all of our clients to domicile their funds in Guernsey.
Overall, Monterey Insight found that fund assets serviced in Guernsey stood at US$517.8 billion at the end of June 2022. The total number of serviced schemes stood at 1,280 and total number of sub-funds reached 1,520, an increase from 1,222 and 1,443 respectively from 2021.
In terms of new business, close to 100 new groups and sub-funds serviced in Guernsey were launched during the year which accounted for US$17 billion of assets, of which 62 groups and sub-funds comprising US$14.9 billion were private equity/venture capital products. In addition, over 60 serviced funds and sub-funds migrated to the island adding US$6.6 billion of assets, bringing the total number of newly launched and newly serviced funds for the 12-month period to over 160 with US$23.5 billion AUM.
Carey Olsen has one of the largest fund practices in the offshore world. The firm advises on all types of private, public, retail and listed funds, including open and closed-ended funds, limited partnerships, unit trusts and companies. The firm also advises 65% of Guernsey-domiciled entities listed on the London Stock Exchange Specialist Fund Segment (SFS).