31 October 2018

Carey Olsen is top adviser for investment funds in Guernsey

Carey Olsen continues to be the leading legal adviser to Guernsey's investment funds industry, according to the latest findings by Monterey Insight – an independent fund industry research group.

The 24th edition of the annual Guernsey Fund Report, which provides a comprehensive analysis of all funds serviced in Guernsey and their primary service provider, revealed that Carey Olsen was instructed on 70% of all new investment funds business for Guernsey law firms between 1 July 2017 and 30 June 2018.

In total, the firm provided legal advice to 750 Guernsey regulated investment funds at the end of June 2018. Of those 750 funds, 637 were Guernsey domiciled schemes which represents 81.9% of the entire Guernsey market by AUM and an increase of US$15.4 billion (6.5%) over the year to US$252.9 billion. Carey Olsen's nearest competitor advised 121 Guernsey domiciled schemes.

Overall, Monterey Insight found that the number of serviced schemes in Guernsey had increased from 1,018 to 1,077 for the year to the end of June 2018. The value of fund assets serviced in Guernsey now stands at US$399.3 billion.

Ben Morgan, partner and head of Carey Olsen's corporate and finance group in Guernsey, said the research findings highlighted the firm's position as the go-to legal adviser for fund promoters establishing investment funds in Guernsey.

"An increase in AUM and the number of funds in Guernsey shows that the funds sector remains extremely buoyant, while the introduction of regimes such as the Guernsey Private Investment Fund, which has been particularly well received since its launch two years ago, and the Guernsey Green Fund, introduced earlier this year as the world's first regulated green fund product, shows that Guernsey continues to innovate in order to stay ahead of the pack jurisdictionally," said Mr Morgan.

"As a firm, Carey Olsen has once again increased its share of the investment funds market and this is a credit to the strength, size and knowledge of our team which ensures that we can deliver the high quality of service which our clients expect of us."

The Monterey Insight survey is further good news for Carey Olsen's corporate team as it follows confirmation earlier this year that the firm now advises 100 London Stock Exchange listed clients – more than double the number of its nearest offshore competitor (Corporate Advisers Rankings Guide).