23 October 2014

Carey Olsen recognised for its corporate and funds work in the Caribbean by IFLR1000

Carey Olsen has been recognised for its growth and innovation in the Cayman Islands and BVI following the publication of the latest International Financial Law Review 1000 (IFLR1000) rankings.

The IFLR1000 is a guide to the world’s leading financial law firms and is based on an extensive independent research process which includes questionnaires and interviews with the featured firms, client and competitor feedback and market analysis from the past 12 months.

This is the first year that the firm's Cayman office has been included in the listings following its establishment in 2012.

Carey Olsen was noted for its potential as an "innovative and effective law firm" in the jurisdiction with an expanding client base. This year, the directory also noted that the firm's BVI office has "grown significantly since its founding in 2013" and highlighted its position as an adviser "to leading banks and corporations operating confidentially in the jurisdiction".  

Client feedback noted the Cayman office's early involvement in the Israeli hedge fund industry, with Cayman Managing Partner, Jarrod Farley, singled out as "one of the go-to-lawyers for Israeli law firms that are structuring funds" through Cayman, with a strong understanding of the nuances and tax issues affecting fund formation.

Highlighted deals emphasised the innovative nature of the firm's transactional work, which included advising Westface Capital on the launch of its $600 million West Face Alternative Credit Fund " … a new strategy for its manager" and advising real estate fund manager Samsung SRA Investment Management on the £145 million purchase of a London property, marking the first use of a Cayman Islands unit trust structure to hold real estate in the United Kingdom, parallel to Jersey property unit trust structures.

The directory also marked the African focus of much of the BVI's office's transactional work as distinguishing feature of the firm supported by its presence in mainland Africa via its Cape Town office.

Highlighted deals demonstrated the firm's substantial experience in equity investments, notably for International Capital Partners, including a $150 million equity investment in Pacific Infrastructures, a $15 million equity investment by IFC and Corporacion Andina de Fomento in Avantel Acquisition and a $156 million investment in Afrimax, the largest-ever placement for a greenfield network in Africa.

BVI Managing Partner Clinton Hempel was recognised by the directory as a leading lawyer for financial and corporate work, whilst partner Greg Boyd received praise by a client for his "really thorough" work and "responsive" approach, with the client adding, "I've moved all of our corporations over to this law firm ".

Carey Olsen Chairman, John Kelleher, said: “We are pleased to see our BVI and Cayman offices ranked in this year's review. The offices are crucial hubs in Carey Olsen's global offering and we are seeing impressive growth in our client base and contacts as a result.”