Legal Services Jersey Investment Funds - Ogier
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Legal Services Jersey Investment Funds
A leading firm in the field of investment funds. Legal 500 UK, Jersey, Investment Funds, 2019 Contents Focused on funds 3 Jersey is the funds location of choice 4 Supporting the full fund lifecycle 6 Real estate funds 8 Private equity funds 10 Hedge Funds 12 Regulatory Services 13 Contacts 14
Legal Services
Focused on funds
We work with the top managers with
established track records as well as
the most innovative and
entrepreneurial new ventures entering
the market.
Long established as a leading firm Ogier has extensive experience of Very strong
in Jersey, Ogier has developed working on managing complex
specific expertise in institutional structures. Our knowledge of the
technician with style
and professional investor funds. regulatory framework enables us too.
to add value to our clients and Client feedback on
We are best known for our onshore advisers. Niamh Lalor, 2018
expertise in the structuring and
establishment of alternative We advise funds listed on stock
investment funds including: exchanges such as The
International Stock Exchange He is extremely
Private equity funds (TISE), the London Stock Exchange collegiate and
(including the Main Market, AIM
Real estate funds
and the SFM) and Euronext,
client-oriented.
Infrastructure funds
Netherlands, as well as structures Client feedback on
Mezzanine funds listed on other European and non- Richard Daggett,
Listed funds European exchanges. 2018
Open-ended fund structures,
including hedge funds Our expertise covers IPOs, listed
company structures, and all
aspects of fund structuring, as well A really strong
We work with some of the biggest
and most well-established names
as carry and employee client-friendly lawyer
incentivisation arrangements.
in the investment management who churns out the
sector, but also some of the most We also assist fund managers in goods at all hours to
cutting edge start-ups. relation to their own physical get the deal done.
relocation to Jersey, and the Client feedback on
We have also worked on a separate licensing requirements.
significant number of new funds Emily Haithwaite,
for investment managers who 2019
have spun out of larger firms or
investment banks.
Jersey Investment Funds 03Legal Services
Jersey is the funds location of
choice
The funds jurisdiction that balances
innovation, a long track record, and a
robust and stable regulatory
environment.
Ogier continues to Jersey's funds industry has seen Our team has:
steady growth in recent years - Worked with Jersey Finance on a
provide excellent figures from the regulator show strategic analysis of the future
service for that as of March 2018 the total net direction of Jersey’s finance
investment funds asset value of funds under industry
related work, administration had reached £281 Worked with the Jersey Financial
billion, with a 36% rise in value
including novel and over five years.
Services Commission in respect
of Jersey’s updated regulations
complex fund-like
and codes to implement AIFMD
structured Ogier is at the forefront of
Been involved with a working
transactions. developments in the Jersey funds
regime. group which implemented
IFLR, Jersey, Jersey's new Private Funds
Investment Funds, regime
Members of our team have
2018 assisted the States of Jersey in Played a key role in leading
drafting and amending the laws Jersey’s response in relation to
relating to investment funds and UK and global tax issues
advised Jersey Finance on aspects Been part of working groups
They are a very of proposed changes to local and related to Jersey’s certified funds
strong firm and international regulation including codes and related prospectus
showed a dynamic the Alternative Investment Fund order
Managers Directive and the Involved in a working group
and commercial introduction of the Jersey Private considering changes to the
approach which was fund regime as well as related Limited Partnerships (Jersey)
very helpful. They regulatory changes in the UK, the Law 1994
US and EU, and related tax
really know their
changes. Partner Niamh Lalor
stuff. heads the Jersey Funds
Chambers Global Association's legal and technical
2018 committee.
In July 2016 the European
Securities and Markets Authority
(ESMA) concluded that there are
no significant obstacles impeding
the application of the AIFMD
passport to Jersey, being one of
only five jurisdictions so far to
achieve an unqualified
assessment.
04 Jersey Investment FundsNiamh Lalor
Head of Jersey Investment Funds
Very responsive and very good
at dealing with clients.
Client feedback,
Chambers and Partners, 2018
Jersey Investment Funds 05Legal Services
Supporting the full fund
lifecycle
We provide a one-stop shop for
investment fund managers and their
advisers and counsel.
They are a Our investment funds team sits Our services include:
alongside our highly-rated Fund formation and ongoing
formidable team corporate and commercial and fund operation, including
that provides great dispute resolution teams. This regulatory advice
advice and good interdisciplinary expertise provides Management/carried interest
value a particular advantage when structures
advising on hybrid structures,
for money. limited liquidity funds for hedge Portfolio company acquisitions
Chambers, Jersey, fund clients, and closed-ended and disposals
Investment Funds, funds with bespoke features, as Secondary transactions
2018 well as in respect of specific fund Listings: advice in relation to the
terms and in case of disputes. listing of funds as well as the
listing of private equity
We have a responsive, partner-led investments
Very high quality, team of specialist lawyers and Finance: advice in relation to
always consistent offer scalability of resource to borrowing by private equity,
match your needs. We have one
and prompt to of the largest investment funds
mezzanine and real estate funds
(acting for both borrowers and
respond. teams in Jersey and will resource lenders)
IFLR 1000, Jersey, your transaction with the
Real estate: acquisitions and
Investment Funds, appropriate team based on your
individual requirements. disposals by real estate funds
2019 Dispute resolution: advice in
relation to management and
investor disputes
06 Jersey Investment FundsBletchley Park Asset Management
Ogier’s Jersey and Hong Kong teams
assisted as legal counsel to Bletchley
Park Asste Management on the
launch of its first cryptocurrency
fund.
We are pleased BPAM was founded by Lewis Kate and Emily are part of
to have been able Fellas, a former portfolio Ogier’s dedicated Digital,
manager at the Harvard Blockchain and Fintech team
to assist BPAM on Management Company, and established to assist clients
the launch of its Ronnie Potel, formerly an operating or investing in
cryptocurrency fund, executive for Morgan Stanley. businesses in the Fintech sector
which involved advice and clients implementing
on Cayman and The Fund, structured as a investment strategies and
Cayman Islands master developing businesses involving
Jersey law from the feeder fund structure and cryptocurrencies, digital assets
Asian and European registered with CIMA, is and blockchain technology.
timezones. credited with being one of
Kate Hodson, Partner the few institutional quality Ogier also acted for BPAM
cryptocurrency funds at the on its licensing application in
time of its launch. Jersey and helped it to obtain a
licence to conduct fund services
Ogier partners Kate Hodson business.
and Emily Haithwaite advised
on the Cayman and Jersey
law elements of the launch
respectively.
Jersey Investment Funds 07Legal Services
Real estate funds
We have significant experience in
relation to complex asset-holding
structures including real estate and
other alternative investment funds.
They have a large Some of the most high-profile real Our services include:
estate transactions of recent years The establishment, structuring
team dedicated to have involved vehicles established and regulation of a wide variety
investment funds in the jurisdictions in which we of real estate investment
and a high degree of advise. We frequently see property structures including companies,
partner involvement. unit trusts, limited partnerships limited partnership and unit
and companies used for such trusts
IFLR 1000, Jersey, property holding structures. Multi-party (including funds),
Investment Funds,
joint venture and single investor
2019 Advantages for those using such structures
vehicles include the ability to sell
interests in the real estate holding The sale and acquisition of real
structure free of stamp duty or estate investment structures and
stamp duty land tax charges vehicles
(SDLT). A well-structured Development projects (including
acquisition can reap rewards innovative costs funding
several years down the line on an mechanisms)
exit, with SDLT savings being a On-going legal services to real
great attraction to potential estate investment structures
bidders.
Ogier has acted for:
Knight Frank in connection with
the launch of a Jersey Expert
Fund with a target size of £500m
to invest in UK real estate
Paloma Capital LLP in
connection with the launch of a
Jersey Private Placement Fund
with a target size of £150m to
invest in UK real estate
AEW Value Investors Asia II,
which raised $590.2 million,
advised by our teams in Jersey
and Luxembourg
08 Jersey Investment FundsIndex Ventures
Ogier has acted as Jersey legal
adviser for Index Ventures in relation
to the establishment of Index
Ventures Growth IV.
The successful fund The establishment of Index The funds are expected to split
raising demonstrates Ventures Growth has raised $1 their investments between
billion to invest in later-stage, the US and Europe, and have
Index Ventures’ growth rounds, and Index again been backed by pension
position as a leading Ventures IX, which recently funds, college endowments,
venture capital closed at €650 million to put funds of funds and non-profit
group and is another into earlier rounds for smaller organisations.
example of the start-up companies.
Partner Niamh Lalor led the
high calibre of fund This latest $1.65 billion from Ogier Jersey team assisted
managers that Index is a significant increase by senior associate Joanna
continue to choose in fund size on its previous Christensen, counsel Sophie
Jersey to domicile growth and venture fund close Reguengo and associate Dan
their investment (in 2016 it raised $550 million Whalen.
for venture and €650 million for
funds. growth), which will enable Index
Niamh Lalor, Partner Ventures to take advantage of
increasingly sophisticated and
international start-ups.
£1.65 bn Increase in fund size
Jersey Investment Funds 09Legal Services
Private equity funds
Our private equity team has been
involved in some of the most
noteworthy private equity deals
across five key jurisdictions of choice.
The team has Our team has a long track record Ogier has acted for:
of advising private equity clients Intermediate Capital Group PLC
proven it is the most on a wide range of transactions, in relation to the establishment
responsive legal and we have been involved in of its tenth Jersey fund, ICG
outfit, which some of the largest and most Europe Fund VI, which raised
provides clients with complex deals in our jurisdictions. €2.5 billion at first close
a valuable edge. Ogier has long-established
The Luxembourg and Jersey
combined fund and portfolio
Legal 500, Jersey, relationships with private equity, structuring needs for a suite of
Investment Funds, real estate, mezzanine and private equity funds managed by
2019 infrastructure managers, as well as a leading mid-market European
a leading reputation among private equity manager who has
intermediaries. raised aggregate capital
commitments of Euro +4 billion
Ogier is a very good Ogier's key private equity
Caledonia Investments plc on its
firm with a client- clients include:
£118 million acquisition from LGV
focused attitude Apollo
Capital of The Liberation Group,
Ares Management the Channel Islands' market
Chambers UK,
Beacon Capital Partners leading pub, restaurant and
Jersey, Investment drinks business
Blackstone
Funds, 2019 Jurys Inn Holdings Limited on the
Blakeney
£680m sale of the Jurys Inn hotel
Capvest
group to Lone Star
Carlyle
Sky on the sale of an 80% stake
Cinven in Sky Bet, to funds advised by
Ethos Private Equity CVC Capital Partners and
Index Ventures members of the Sky Bet
management team
IK Investment Partners
All-Stars’ investment in Xiaomi
Lombard Odier Asset Corporation in relation to the
Management establishment and offering of
Marwyn All-Stars XMI Limited as a private
Morgan Stanley Real equity fund raising vehicle
Pacific Equity Partners investing in a US$1.1 billion
capital raising by Xiaomi
Schroder Adveq Corporation by way of series F
TH Real Estate financing
Welcome Trust
X2 Resources
10 Jersey Investment FundsEmily Haithwaite
Partner, Jersey Investment Funds
Praised by market
commentators for her
knowledge of the private
equity sector.
Client feedback,
Chambers and Partners, 2018
Jersey Investment Funds 11Legal Services
Hedge Funds
Favourable tax and regulatory
environments, the positive ESMA
verdict and the ease of the NPPR
regime for marketing into the EU are
key selling points for Jersey.
The Ogier team are Jersey is earning a strong The positive Moneyval report and
reputation beyond fund ESMA’s positive recommendation
highly skilled and structuring and administration of Jersey for the extension of the
take a well thought into being a location for hedge AIFMD marketing passport into
out and pragmatic fund managers to physically base Europe have both had an impact
approach to any their operations. in terms of offering certainty and
confidence.
issues which arise Leading managers including
over the course of a Brevan Howard, BlueCrest and Jersey is attractive because it
deal. Systematica Investments have adheres to and is an early adopter
IFLR, Jersey, already chosen to relocate of international standards. It has
significant parts of their received a positive report from
Investment Funds, operations to Jersey, and a Moneyval ahead of most other
2018 significant number of other international finance centres.
investment managers are in Jersey is also a signatory to the
varying stages of discussion with a OECD's BEPS initiative.
view to relocating.
They are willing to
spend time on joint Access to EU investors via member
business states' National Private Placement
development Regimes (NPPR) is popular and
cost effective and offers certainty
initiatives and against a backdrop of Brexit, while
ensure we are up to the final delivery of the third
date on relevant country passports is pending.
legal developments.
IFLR 1000, Jersey,
Investment Funds,
2019
12 Jersey Investment FundsLegal Services
Regulatory Services
The regulatory environment is
increasingly complex and often fast-
changing for regulated businesses.
We have long-standing and We deal with: Responsive,
professional relationships with Anti-bribery and corruption
industry regulators not just in
thorough and
Anti-money laundering (AML) friendly. No
Jersey but also in our other and reporting obligations
jurisdictions: the BVI, Cayman weaknesses come to
Islands, Guernsey and Authorisation, licensing and
registration mind.
Luxembourg.
Compliance with relevant codes IFLR, Jersey,
Our multi-disciplinary team can of practice Investment Funds,
help you navigate these Cross border distributions 2018
increasingly regulated Cross border investigations and
environments through each stage enforcement
in the business lifecycle: start up
and relocation, operation, Data protection/EU General Her advice is clear,
expansion and change. Data Protection Regulation to the point and
(GDPR)
easy to understand. I
Prevention of issues is preferable Financial services regulation
but where things have gone (banking, investment services, take great
wrong, we provide effective funds and trusts) confidence from her
solutions to clients including Regulatory training and audit knowledge.
banks, major corporates, Relocation of managers to Jersey Client feedback on
investment managers, fund
administrators, trust companies Risk management and Sophie Reguengo
and private clients. compliance
Sanctions
Jersey Investment Funds 13Legal Services
Contacts
Niamh Lalor Simon Schilder
Partner Partner, Ogier Legal L.P.
T +44 1534 514210 T +44 1534 514298
M +44 7797 728454 M +44 7797 862907
niamh.lalor@ogier.com simon.schilder@ogier.com
Emily Haithwaite Richard Daggett
Group Partner, Ogier Legal L.P. Partner
T +44 1534 514072 T +44 1534 514071
M +44 7797 825183 M +44 7797 920307
emily.haithwaite@ogier.com richard.daggett@ogier.com
Sophie Reguengo Alexandra O'Grady
Counsel Senior Associate
T +44 1534 514122 T +44 1534 514081
sophie.reguengo@ogier.com alexandra.o'grady@ogier.com
14 Jersey Investment FundsLegal Services
Joanna Christensen Tatiana Collins
Senior Associate Senior Associate
T +44 1534 514127 T +44 1534 514426
joanna.christensen@ogier.com tatiana.collins@ogier.com
Amy Garrod Alan Stirling
Senior Associate Senior Associate
T +44 1534 514022 T +44 1534 514217
amy.garrod@ogier.com alan.stirling@ogier.com
Daniel Whalen
Associate
+44 1534 514025
Daniel.Whalen@ogier.com
Jersey Investment Funds 15Legal services in: Ogier provides practical
British Virgin Islands advice on British Virgin
Cayman Islands Islands, Cayman Islands,
Guernsey Guernsey, Jersey and
Hong Kong Luxembourg law through
Jersey our global network of
London offices. Ours is the only firm
Luxembourg to advise on these five laws.
Shanghai We regularly win awards for
Tokyo the quality of our client
service, our work and our
people. Regulatory
information can be found
at ogier.com
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