07 August 2012

KPMG and Carey Olsen act on insurance-linked LSE main market listing

KPMG and Carey Olsen have advised Dexion Capital (Guernsey) Limited on the launch of DCG IRIS Limited, a new Guernsey-domiciled, closed-ended investment fund. It has raised in excess of £40 million by way of an initial public offering (IPO) on the main market of the London Stock Exchange (LSE).

Carey Olsen provided specialist Guernsey legal advice and KPMG in Guernsey have been appointed as auditors and provided reporting accountant services in relation to the establishment of the fund. Dexion Capital plc and Dickson Minto acted as joint-sponsors.

DCG Iris Limited is a feeder fund and will principally invest its assets in CS IRIS Low Volatility Plus Fund (the ‘Master fund’) Limited which invests in a broadly diversified portfolio of insurance-linked contracts, securities and catastrophe bonds as well as various types of investments related to insurance risks over the long-term. Credit Suisse AG is the manager of the Master fund.

The KPMG team was led by Ashley Paxton, head of advisory, and senior manager, Gavin Niven.

Mr Paxton said: “The total value of funds business in Guernsey has grown in the first quarter of 2012 and it is encouraging that we are continuing to see funds in the alternative assets class being domiciled in Guernsey.

“This is the third Guernsey main market listing in 2012 and the second that KPMG in the Channel Islands have advised on,” added Mr Paxton.

The Carey Olsen team was headed by corporate partner Christopher Anderson and included associate Alex Mauger.

Advocate Anderson said: “For Guernsey it is another ringing endorsement of its premier position as a jurisdiction of choice for investment funds. For Carey Olsen it is another example of our expertise and experience in the preparation and launch of funds of this type.”

The Morningstar Professional Services Rankings Guide places Carey Olsen in the top five law firms by the number of London Stock Exchange (LSE) and AIM clients it advises. It is the only offshore law firm to be ranked alongside UK legal advisers in the top five by Morningstar (Source: The Morningstar Rankings Guide, Q2 2012 report).