19 January 2021
Carey Olsen remains out in front as leading legal adviser to Guernsey investment funds
Carey Olsen has increased its lead atop the legal adviser rankings in the latest edition of the annual Guernsey Fund Report published by independent industry research group Monterey Insight - further consolidating its position as the Guernsey fund industry's leading law firm.
The 26th edition of the report, which provides a comprehensive analysis of the performance of all funds serviced in Guernsey and their primary service providers, shows that for the year ending 30 June 2020, Carey Olsen provided legal advice to 869 Guernsey regulated investment funds, up from 798 a year previously, and is now more than 700 ahead of its nearest competitor.
Of those 869 funds, 742 were Guernsey domiciled schemes totalling US$272.7bn, which represents 82% of the entire Guernsey market by assets under management. The firm also assisted on the launch of 74 funds over the year - 67% of the total advised on by law firms in the island.
Overall, Monterey Insight found that the total value of fund assets serviced in Guernsey increased to US$428.3bn at the end of June 2020, up 4% compared to 2019. The number of serviced schemes now stands at 1,135, while the total number of sub-funds reached 1,369.
Ben Morgan, partner and head of Carey Olsen's corporate and finance group in Guernsey, said: "Carey Olsen is immensely proud to be the number one legal adviser to the investment funds sector in Guernsey, which, as these findings show, is in very good health.
"The increase in Carey Olsen's market share is a reflection of the calibre and strength in depth of our funds team, the quality of relationships we hold with both clients and the onshore advisers who select Carey Olsen as well as the confidence that is placed in Guernsey as a funds jurisdiction."
Publication of the Monterey Insight report further builds on the stellar set of legal directory rankings and endorsements Carey Olsen's Guernsey investment funds team received at the end of last year in the latest editions of both Chambers UK and Legal 500 UK. The only Guernsey law firm to gain top-tier rankings in both the 'corporate & finance, including investment funds' (Chambers) and 'investment funds' (Legal 500) categories, Carey Olsen was described as 'the dominant player in the market' and 'a really strong team with significant bench strength'.