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The 2014 Monterey Insight Guernsey Fund Report has once again positioned Carey Olsen as the number one legal adviser to the investment funds sector in Guernsey for the year ending 30 June 2014. The report credits the offshore law firm with a 57.73% share of the market by the number of funds it advises, a 3% increase on the previous year's results.
The in-depth publication assesses the volume and value of activity among advisers to Guernsey's funds sector, ranking administrators, auditors, custodians, promoters and legal advisers by the number of funds they advise and by assets under management. It includes data on open- and closed-ended schemes, qualifying investor schemes and non-domiciled schemes that are serviced on the island. The research is based on the Guernsey Financial Services Commission's (GFSC) list of regulated schemes.
Carey Olsen is also reported to be the lead adviser to 61.42% of Guernsey-domiciled funds which is a 4.16% improvement on last year's market share and representative of a lead of more than 40% over the firm's nearest competitor. The law firm also gained market share in the non-domiciled funds rankings.
The report shows that Carey Olsen won a significant number of fund clients and launched 45 new funds over the period, with the next legal adviser in the table having launched 14.
Carey Olsen has acted in the majority of high-profile fund listings and private equity fund raisings in Guernsey over the past year. These included advising Blue Water Energy on its joint venture with Blackstone to invest $500 million in North Sea-focussed oil company Siccar Point Energy and advising international private equity firm Permira on the launch of its €5.003 billion Guernsey-domiciled global private equity fund, Permira V.
Graham Hall, head of the firm's Guernsey corporate practice, said, "Monterey Insight is the most detailed assessment of the island's investment funds sector which takes a number of months to compile and is based on evidence provided by the advisers involved. As the largest investment funds team among the law firms in Guernsey we have worked very hard to continue to bring business to Guernsey and to our firm. These results are a reflection of the calibre of our funds experts, the strength of relationships we hold with both clients and the onshore advisers who select our firm as well as the confidence that is placed in Guernsey as a funds jurisdiction."
The results follow the publication of Legal 500 UK where Carey Olsen's investment funds practice was also ranked in the top tier.
