Newsroom

JFA News
Monday
24
August 2020

Postponement of 2020 JFA Annual Dinner

In light of continuing COVID-19 related restrictions for holding large-scale events, the JFA committee has, with regret, resolved that it will no longer be possible to proceed with the 2020 dinner, scheduled for 15 October. Therefore we will be postponing this event, with a view to reinstating the flagship event for Jersey's funds industry in Spring 2021.

We are disappointed to have had to make this decision, however we trust you'll understand our position and that supporting Jersey's Framework for managing COVID-19 and ensuring Members' health and wellbeing is our priority at this time.

The JFA is continuing to plan for the coming year, in anticipation that a return to more normality should hopefully be more realistic from Spring 2021.

In the meantime, we are continuing to proceed with other events on a virtual basis and we'd actively encourage you to participate in these if you can.

Postponement of 2020 JFA Annual Dinner

Members' News
Monday
06
July 2020

Accessing Europe: an introduction to marketing funds

JFA member firm Langham Hall takes a look at the options open to managers looking to market funds into Europe...

By JFA member firm Langham Hall

Over the past few months, we have seen the fundraising landscape turned on its head,with many LPs halting any new allocations and instead paying careful attention to their existing portfolios.

In late March we estimated that over half of global LPs had pressed pause on underwriting new private fund investments, either stopping their investment allocations entirely, or only proceeding with in-process investments.

As markets begin to open up again, we are seeing positive sentiment from LPs, who are now starting to look at resuming their investment programmes, albeit with perhaps a different risk appetite to that of 2019.

Looking to Europe in particular, we have seen a sustained increase in the number of non-EU sponsors looking to market to the bloc, where the aggregate AuM now exceeds €23 trillion.

For these sponsors, there are several routes to market, with no “one size fits all” approach. These include reverse solicitation, marketing under National Private Placement Regimes (“NPPR”), or the setup of a European parallel vehicle to access the marketing passport under the Alternative Investment Fund Managers Directive (“AIFMD”):

·        Reverse Solicitation: this refers to the acceptance of subscriptions from investors that actively solicited the manager without any active marketing taking place. Managers that receive genuine inbound enquiries may accept subscriptions via reverse solicitation, but it would be prudent to document that true reverse solicitation has taken place in case of litigation further down the line. Due to its passive nature, reverse solicitation cannot be considered a marketing strategy.

·        Private Placement: for managers using non-EU structures, e.g. Cayman, Delaware or Channel Islands, some countries still retain their National Private Placement Regimes. These can be tricky to navigate but for managers raising in just a handful of countries, this can be a cost-effective way of accessing Europe. For many countries, the manager will be required to complete and file Annex IV reports for each Alternative Investment Fund (“AIF”) being marketed. For countries such as Germany and Denmark, a depositary-lite is required to be appointed. It is important to note that NPPR is particularly difficult in much of southern Europe, including France, Italy and Spain.

·        European Parallel: Under AIFMD, funds which operate within this framework qualify for the European marketing passport, allowing these AIFs to be distributed in all 28 European member states. In this model, the fund will be required to appoint a regulated full scope Alternative Investment Fund Manager (“AIFM”), as well as a depositary. We often see these funds setup in Luxembourg, using a host-AIFM, to avoid the regulatory and substance burden of setting up a sponsor owned Luxembourg AIFM. By having an AIFMD compliant parallel fund, managers can accept capital opportunistically and at short notice. There are also no restrictions on where the fund can be marketed (although there are restrictions on the parties to whom it can be marketed).

Clearly there are pros and cons to each method, and managers will need to review which is the most suitable depending on their marketing strategy. However, with such a large pool of institutional capital in Europe, it is getting harder and harder to ignore the fundraising potential in the region.

Members' News
Wednesday
29
April 2020

Apex broadens Jersey offering through launch of accounting, company secretarial and payroll services to local businesses

Apex Group Ltd. (“Apex”), a global financial services provider, today announced the expansion of subsidiary brand, Throgmorton, into Jersey to deliver business services, including accounting, company secretarial and payroll services to businesses operating locally in Jersey.


Apex Group Ltd. (“Apex”), a global financial services provider, today announced the expansion of subsidiary brand, Throgmorton, into Jersey to deliver business services, including accounting, company secretarial and payroll services to businesses operating locally in Jersey.

This development follows the Group’s previous Throgmorton expansion announcement, last month, through the unveiling of a newly established Throgmorton US office. Now it is focusing on building out its well-established Corporate Solutions offering in Jersey.

Having acquired UK based Throgmorton in June 2019 as part of a larger deal, which also saw the purchase of the Corporate Services and Private Client business from Link Asset Services, Apex is now building on Throgmorton’s existing UK reputation and capabilities through geographic expansion. The Throgmorton brand has been well-respected in the UK market for over 20 years and has enhanced the Group’s corporate solutions expertise with the addition of over 150+ experienced business services professionals.

With over 40 offices worldwide, the Group is leveraging its existing global footprint to support expansion plans and systematically add new Throgmorton businesses to its offices in key locations worldwide. The strategy is in line with the Group’s long standing philosophy of delivering local service to clients on a global scale and reinforces its unique single-source solution capabilities.

Matt Claxton, Global Head of Corporate Solutions, comments:

“This is another important moment for our corporate solutions capabilities. Jersey is a highly respected business jurisdiction and it therefore makes a lot of sense for us to ensure we have a suite of services available for businesses locally. We have ambitious expansion plans for the corporate solutions arm of the Apex Group and Throgmorton’s services are a core element of this service line. Being able to deliver business services to the local market sets us apart through an extensive range of solutions available for clients under one roof.”

Adam Hewitson, Head of Throgmorton, comments:

“It was only last month that we unveiled the first of a number of geographic expansions for the Throgmorton business including the US. Our parent company, Apex Group, has enabled us to increase our geographic footprint through the complementary service we can offer clients as part of the combined Group’s single-source solution. Jersey is an important market for us and our depth of experience supporting UK businesses over the last 20 years means this is natural progression and an immediate value-add for businesses on the Island.”

Members' News
Monday
21
January 2019

Mourant advises Triton on €5 billion flagship buyout fun

Leading offshore law firm, Mourant, has advised international investment firm and longstanding client, Triton, on its latest flagship buyout fund, Triton Fund V.

Leading offshore law firm, Mourant, has advised international investment firm and longstanding client, Triton, on its latest flagship buyout fund, Triton Fund V.

The fund surpassed the €4 billion target and successfully closed in December 2018 at its hard cap of €5 billion, making it Triton's largest fund in its 22-year history and one of the largest pan-European buyout funds of 2018.

The fund is established in Jersey as an expert fund and received commitments from a diversified range of institutional blue-chip investors including pension funds, insurance companies and sovereign wealth funds. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe. The 38 companies currently in Triton's portfolio have combined sales of around €13.1 billion and around 85,000 employees.

Triton V will continue the 'all weather' mid-market private equity investment strategy and will seek to generate value in the geographies in which Triton has strong local knowledge, such as the Nordics, Germany, Austria, Switzerland, Spain, Italy, France, UK and Benelux. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.

Partner Daniel Birtwistle led the Mourant team, with senior associates Alex Henderson and Gabby Kellogg and associates Roisin Cullinane and Rachel McGuinness. The firm acted as Jersey counsel alongside lead counsel Simpson Thacher & Bartlett.  

Matt Crill, Head of Corporate Governance at Triton commented "we were pleased to partner once again with the Mourant funds team, who were able to field a strong dedicated team to support us in this key fund-raising".

The fund is the latest in a series of multi-billion euro fundraises that Mourant has advised on, and demonstrates the firm's continued position as the leading Jersey law advisers for large and/or complex fundraisings. Mourant's Jersey Funds team is independently recognised as the go-to legal adviser in Jersey's funds industry, advising on over 46% of all funds by market share of assets.

Members' News
Wednesday
04
July 2018

Aztec supports Nordic Capital

Leading independent fund and corporate services provider, the Aztec Group, has supported Nordic Capital on the final close of its latest fund, Nordic Capital Fund IX (“the Fund”), at just over €4.3billion.

Leading independent fund and corporate services provider, the Aztec Group, has supported Nordic Capital on the final close of its latest fund, Nordic Capital Fund IX (“the Fund”), at just over €4.3billion.

Domiciled and administered in Jersey, the Fund was heavily oversubscribed, exceeding its target of €3.5billion in just seven months. Focused on European investments, the Fund will invest in five core sectors: healthcare, financial services, technology and payments, consumer retail and industrial goods and services.
Aztec Group supported Nordic Capital with the Fund’s formation and fundraising activities and will provide ongoing administration services to the Fund and its investment structures from its Jersey office.

Aztec Group is one of the world’s largest independent providers of fund, corporate and depositary services, with over 720 employees operating across six leading jurisdictions. Administering over €290bn, the Group provides outsourcing services to more than 170 alternative investment managers, including over 20 leading private equity and venture capital managers in the Nordic region.

Michelle McNaney, Private Equity Director at the Aztec Group, said:

“We’re naturally delighted to be given the opportunity to administer this exciting fund and build on our long-standing relationship with Nordic Capital. The Fund’s over-subscription is yet another exceptionally successful fundraise for Nordic Capital, who continue to demonstrate themselves as a key player beyond the Nordic region. Their success highlights the continued appeal of alternative asset classes within the investor community, particularly when underpinned by a sound investment strategy and an experienced investment advisor.”

Ged Kelly, Managing Director and Head of Fund Operations of Nordic Capital commented:

“Launching and closing a major fund entails a considerable amount of work, which is highly complex in nature and needs to be delivered within a short and often rigid timeframe. Demonstrating their partnership approach and commitment to our business, the Aztec Group supported us through this process and we were confident that they could deliver what was required to ensure a seamless approach for us and our investors.”

Members' News
Monday
02
July 2018

Appointment of Managing Director at Ashburton Investments in Jersey

Appointment of Managing Director at Ashburton Investments.

Appointment of Managing Director at Ashburton Investments.

Click here to view Press Release.

Members' News
Wednesday
08
November 2017

Mourant Ozannes is number one adviser to the Jersey Funds industry

According to the independent Monterey Fund Report 2017, Mourant Ozannes has once again maintained its leading position as the go-to legal adviser in Jersey's funds industry, advising on over 54% of all funds by market share of assets.

According to the independent Monterey Fund Report 2017, Mourant Ozannes has once again maintained its leading position as the go-to legal adviser in Jersey's funds industry, advising on over 54% of all funds by market share of assets.

The report also highlighted significant market growth for the funds industry in Jersey, with fund assets serviced in Jersey up 14.7% from 2016.

Mourant Ozannes' dedicated investment funds team, the largest in Jersey, advises on a total of 790 funds with an overall value of US$330bn, nearly triple the value of funds advised by its nearest competitor. This figure does not include CVC Fund VII, which closed at €15.5 billion and was the largest ever fundraising by a European private equity firm was the largest ever fundraising by a European private equity firm.

The firm leads the tables across all major categories, including largest legal advisers by total number of funds (see notes to Editors) and is the leading legal adviser to new funds launched – advising on nearly twice that of its nearest competitor.

Funds Partner, Felicia de Laat, said: "The growth highlighted by this year's report demonstrates that as the global economic and regulatory landscape continues to change, Jersey's funds industry is able to not just adapt quickly to market volatility, but also to thrive.

"We regularly work with many of the biggest players in the global funds market, which is a strong vote of confidence in Jersey as a leading jurisdiction of choice and also in our expert team which, according to the data, has maintained its unrivalled lead position for 18 consecutive years.

"In the last 12 months we've been instructed on a strong flow of significant new fund launches, including all of the first five funds regulated as Jersey Private Funds when the new regime came into effect in April, and a steady stream thereafter."

The firm this year appointed Partner Alistair Horn, bringing the team to a total of seven specialist funds partners and 19 lawyers in Jersey. Globally, Mourant Ozannes boasts over 70 lawyers working on investment funds.

"Having a large, expert team with a collegiate ethos positions us with an ability to manage such significant projects, providing the excellent levels of service, coupled with deep regulatory and market insight, that our clients tell us truly sets us apart.

"This year's Monterey report once again reinforces the significance of Jersey's fund industry to the island's financial services sector as a whole, and as the leading legal adviser to this market, we're very proud to continue to contribute to its success."

The report follows the recent publication of the IFLR1000 and Legal 500 UK where Mourant Ozannes was awarded top tier status for investment funds advice across both directories. Clients praised Mourant Ozannes as 'the best funds firm in Jersey', which is 'particularly strong in client service, backed up by a wealth of experience and knowledge in the local regulatory regime’.

Monterey Insight is a leading independent fund industry research company that provides the only comprehensive survey of service providers for all investment funds serviced in Luxembourg, Ireland, Jersey and Guernsey. The company's research covers around 25,000 investment funds within these jurisdictions.

Members' News
Tuesday
07
November 2017

Link Group acquires Capita Asset Services

Link Group (ASX: LNK) has completed its acquisition of London headquartered Capita Asset Services (CAS) from Capita plc.

Link Group (ASX: LNK) has completed its acquisition of London headquartered Capita Asset Services (CAS) from Capita plc.

The acquisition of Capita Asset Services is a strong strategic fit and is in line with Link Group’s strategy to grow through further penetration of attractive markets and expand its product and regional capabilities and in particular extending the European operating platform.

Link Group is a market-leading provider of technology-enabled solutions in financial and corporate markets.  The company is listed on the Australian Securities Exchange with a market capitalisation of approximately AUD $4billion and is included in the S&P/ASX100.

Following the acquisition of CAS, Link Group now operates  in  17 jurisdictions worldwide, has annual revenue of over £750m* and employs more than 7000 industry specialists. Globally, it has more than £600bn of assets under administration, services 35 million individual shareholders and manages 45 million financial records.

Link Group Managing Director, John McMurtrie, said: “In CAS, we have acquired a business with leading market positions across its fund, corporate and private client, shareholder and banking and debt service lines.  The business has longstanding customer relationships and strong regulatory credentials, operating in growth markets.  The business, renamed as Link Asset Services, is highly complementary to Link Group and represents an attractive platform for further expansion in the UK and European markets.”

Anthony O’Keeffe, CEO of Link Group’s new Link Asset Services division commented: “We are delighted to be part of Link Group, a forward-thinking company committed to delivering enhanced client value through ongoing investment in technology, people and processes.  This, coupled with new complementary and supplementary capabilities and a broader international reach, puts us in an excellent position to continue to develop our strong partnerships with our existing and new clients.”

Mr McMurtrie added: “With this acquisition, Link Group is now a truly international company with expanded opportunities for further growth. We are genuinely excited by the opportunities for the expanded Link Group, our new clients and new colleagues.”

* Combined revenue of Link Group and CAS for 12 months ending 30 June 2017 -ends-

Link Asset Services works in partnership internationally with almost 7,000 clients including asset managers and investors, business managers, asset owners, trustees, issuers and borrowers.   We provide the infrastructure through which assets are secured or deployed in both regulated and unregulated markets.  The 3,000+ staff of Link Asset Services deliver more than 70 closely aligned services and help capital flow through the financial markets by processing £45bn of payments annually; as well as protecting and safeguarding more than £600bn held in funds, entities and other instruments.

Link Asset Services administers and safeguards assets across ten highly-regulated European jurisdictions.  We work with a broad range of market segments, industries and asset classes, including equities, bonds and debt, and real assets.  We work closely with regulators, industry bodies and market intermediaries.  Our clients often procure multiple services from us and our approach and execution success has enabled us to build market leading positions across all of our business lines:

• Link Market Services (share registration, investor relations, share investment services and treasury)

• Link Fund Solutions (AIFM, fund administration, transfer agency, ISA plan management)

• Corporate Services (finance and accounting, company secretarial, entity management, outsourcing services)

• Private clients (trust and company services, including inter-generational transfers)

• Banking and Credit Management, through the Asset Services brand provides loan origination and servicing, debt work-out, compliance and regulatory oversight.

About Link Group (ASX: LNK)

Link Administration Holdings (Link Group) administers financial ownership data and drives user engagement through technology.  Underpinned by its investment in technology, people and processes, it delivers comprehensive data and information solutions for companies, large asset owners and trustees across the globe.

For more information, please visit: www.linkgroup.com

Members' News
Monday
06
November 2017

Carey Olsen leads offshore market in the Legal 500 UK rankings

Carey Olsen has been ranked as the leading law firm in the Channel Islands by Legal 500 UK with a top-tier position across all 17 of its practice areas, making it the only offshore law firm to have tier one status across the board.

Carey Olsen has been ranked as the leading law firm in the Channel Islands by Legal 500 UK with a top-tier position across all 17 of its practice areas, making it the only offshore law firm to have tier one status across the board.

The Legal 500 UK is a key industry report that grades law firms following a thorough and independent research process, which includes interviews with clients and peers as well as information provided by the firms themselves.

The new edition has ranked Carey Olsen in tier one for all eight practice areas in Guernsey, all eight in Jersey and for its offshore London practice, sealing its position as the leading offshore law firm in the Channel Islands.

26 of the firm’s lawyers feature in the elite list of ‘Leading Individuals’ and 64 are recommended in the editorial. The publication includes positive endorsements from Carey Olsen’s clients across all service areas. Praise for its lawyers includes that they are “super responsive and ready to collaborate” and having “a one-firm approach”.

Group managing partner, Alex Ohlsson, said: “Carey Olsen has been positioned at the top of the Legal 500 UK tables for many years but to have achieved a clean sweep of tier one rankings is a fantastic endorsement. We thank our clients for providing outstanding feedback and our staff for their commitment and hard work.

“The rankings reflect our ability to deliver an excellent client service and, following on from our recent win as ‘Offshore Firm of The Year’ at The Lawyer Awards, re-affirm our position as a leading player in the offshore legal market.”

Members' News
Thursday
17
August 2017

Crestbridge ManCo adds further substance as Risk expert joins the team

Dr. Paul Dentskevich has joined Crestbridge in Jersey as Risk Director, Jersey Management Company, in a move that boosts Crestbridge’s position as a leading provider of on and off balance sheet Management Company (ManCo) services to the international funds market.

Dr. Paul Dentskevich has joined Crestbridge in Jersey as Risk Director, Jersey Management Company, in a move that boosts Crestbridge’s position as a leading provider of on and off balance sheet Management Company (ManCo) services to the international funds market.

Paul has over 28 years of financial services experience, with particular focus in the area of risk management, investment management and corporate governance of hedge and other multi-asset funds.  He has extensive boardroom experience across a diverse range of structures and, in his previous role as Senior Risk Manager, was Director on a number of subsidiary companies within Brevan Howard.

Commenting on his new role, Paul said: “I am delighted to team up with such a dynamic and well supported group at a time when the market is in great need of effective ManCo solutions.”

Director, Elliot Refson added: “I’m delighted to welcome Paul to Crestbridge. His deep risk management expertise and market knowledge will be a huge asset to the business. Crestbridge offers a variety of insourced and outsourced ManCo solutions to support managers looking to take advantage of the benefits of a Jersey presence. Crestbridge is able to offer a ManCo covering all asset classes, with real substance provided by experts with direct market and industry experience, supported by a strong fund administration team experienced in a broad range of alternative fund types.”

Crestbridge became one of the first firms in Jersey to be granted a licence by the Jersey Financial Services Commission (JFSC) to offer a ManCo platform, whilst it was also one of the first to establish a third party ManCo in Luxembourg covering both UCITS and AIFMD funds five years ago.

Members' News
Friday
02
June 2017

Mourant Ozannes advises on largest ever PE firm fundraising

Mourant Ozannes, working alongside lead counsel Simpson Thacher & Bartlett LLP, has advised CVC Capital Partners, one of the world's leading private equity and investment advisory firms.

Mourant Ozannes, working alongside lead counsel Simpson Thacher & Bartlett LLP, has advised CVC Capital Partners, one of the world's leading private equity and investment advisory firms, on the launch of its seventh flagship fund for private equity investment in Europe and North America, CVC Capital Partners VII.  The fund closed with a hard cap of approximately €15.5 billion (the largest ever fundraising by a European private equity firm) and received commitments from over 300 investors based primarily in North America, Europe, Asia and the Middle East.

Mourant Ozannes L.P. partner, Felicia de Laat said "We were delighted to assist with the establishment of CVC Capital Partners VII, the largest ever buyout fund raised by a European fund manager.  The sheer size of the fund and the number of investors demonstrates the depth of our funds team to manage such a significant project and we are proud to be one of the advisers involved with its successful launch."

The Mourant Ozannes team was led by Felicia de Laat and senior associates Rachel Fowler and Matt McManus with assistance from colleagues in the funds, finance and corporate and other teams.

Members' News

Mourant remains market leader for Jersey Funds

According to the independent Monterey Fund Report 2018, the Mourant Funds team has once again been named the leading legal adviser in Jersey's funds industry, a position now held for 19 consecutive years.

According to the independent Monterey Fund Report 2018, the Mourant Funds team has once again been named the leading legal adviser in Jersey's funds industry, a position now held for 19 consecutive years. In the last year the team advised on over 46% of all funds in Jersey by market share of assets, made up of 791 funds in total with an overall value of US$361bn. The report also highlighted that fund assets serviced in Jersey overall had risen to US$411.1bn at the end of June 2018, up 18.7% from 2017.

Members' News

Mourant advise Invision on the launch of its sixth buyout fund

Mourant have recently acted as Jersey counsel on the launch of Invision VI, a Fund sponsored by Invision AG, a respected mid-market private equity firm active in the DACH region, originally established in 2000.

Mourant have recently acted as Jersey counsel on the launch of Invision VI, a Fund sponsored by Invision AG, a respected mid-market private equity firm active in the DACH region, originally established in 2000.  The fund is a buyout fund, established as a Jersey expert fund, to invest in companies in Germany, Austria and Switzerland. The Fund achieved over half of its target commitments of €375 million at its first close.  Partner Daniel Birtwistle and Senior Associate Matt McManus led the Mourant team. The fund will be administered by Moore Management.

Members' News

Ogier assists Index Ventures on its $1.65b fund raise

Ogier has acted as Jersey legal adviser for Index Ventures in relation to the establishment of Index Ventures Growth IV, which has raised $1 billion to invest in later-stage, growth rounds, and Index Ventures IX.

Ogier has acted as Jersey legal adviser for Index Ventures in relation to the establishment of Index Ventures Growth IV, which has raised $1 billion to invest in later-stage, growth rounds, and Index Ventures IX, which recently closed at €650 million to put into earlier rounds for smaller start-up companies.

This latest $1.65 billion from Index is a significant increase in fund size on its previous growth and venture fund close (in 2016 it raised $550 million for venture and €650 million for growth), which will enable Index Ventures to take advantage of increasingly sophisticated and international start-ups.

The funds are expected to split their investments between the US and Europe, and have again been backed by pension funds, college endowments, funds of funds and non-profit organisations.

Partner Niamh Lalor led the Ogier Jersey team assisted by senior associate Joanna Christensen, counsel Sophie Reguengo and associate Dan Whalen.
Niamh Lalor said: "The successful fund raising demonstrates Index Ventures' position as a leading venture capital group and is another example of the high calibre of fund managers that continue to choose Jersey to domicile their investment funds.
"We were delighted to once again be able to assist a long standing client and to work alongside Ropes & Gray as lead counsel and Travers Smith."