Carey Olsen has strengthened its position as the leading legal adviser to Guernsey's investment funds industry, according to the latest findings by Monterey Insight – a leading independent research group.
The annual Guernsey Fund Report provides a comprehensive analysis of the performance of all funds in Guernsey and offers an insight into the primary service providers. Firms are ranked by the number of funds they advise and by total assets under management.
The report showed Carey Olsen was instructed on 71% of all new investment funds business for law firms in Guernsey between 1 July 2016 and 30 June 2017, highlighting the firm's position as the "go-to" legal adviser for fund promoters establishing investment funds on the Island.
Carey Olsen provided legal advice to a total of 729 investment funds at the year end 30 June 2017, with its next nearest competitor advising 220. This equates to a total market share of 64.29% by number of funds under advice (an increase of 1.91%) and 70.48% by assets (an increase of over 4%). Significantly, the guide also noted that the firm advises all ten of the largest promoters of Guernsey-domiciled investment funds by assets.
The impressive results follow a number of recent high-profile fund assignments for Carey Olsen's team, including advice to Pearl Diver Capital on the establishment of three registered, closed-ended funds (collectively targeting commitments of US$500 million) and Pershing Square Holdings, Ltd. in connection with the admission of its ordinary shares to the Official List of the UK Listing Authority, and commencement of trading on the Premium Segment of the London Stock Exchange (LSE).
Ben Morgan, head of Carey Olsen's corporate and finance group in Guernsey, said: "As a firm, we have increased our share of the market and as a result continue to hire widely to ensure we deliver the high standards of service our clients expect of us.
“The service delivery standard and responsiveness of Carey Olsen, Guernsey's auditors, administrators, the Registrar and the financial services regulator are key differentiators for the jurisdiction. There’s also been a big increase in managers looking to build on their operations here which is an exciting new development."
The Monterey Insight survey follows the recent publication of the Corporate Advisers Rankings Guide, which showed Carey Olsen advised 96 companies and funds listed on the LSE - more than double the number of its nearest offshore competitor. Carey Olsen was also awarded Tier One status for Investment Funds advice in Guernsey in the Legal 500 UK and IFLR1000, making it the only offshore law firm to hold this distinction.