Fund-Technology.com

First unregulated investor fund created in Jersey

Posted: 22 May 2008

Carey Olsen has established Jersey's first unregulated eligible investor fund.

It is the first vehicle of its kind to be created since two new categories of unregulated fund were introduced in February.

The fund vehicle, a Jersey public company, has an umbrella fund structure which allows the creation of multiple managed investment portfolios, or sub-funds, with multiple classes of shares in respect of each sub-fund.

The transaction was led in Jersey by Carey Olsen funds partner Eve Kosofsky and senior associate Daniel O'Connor.

Kosofsky said: "The recent introduction of the unregulated funds regime completes Jersey's offering of investment funds and enhances the carefully targeted changes in Jersey's regulatory regime."

The new regime provides certainty, flexibility and speed when establishing new funds.
Promoters are assured that they will have the ability to tailor funds to suit their particular commercial and tax requirements.

Kosofsky continued: "Once the fund is established, which can take as little as two hours, no further regulatory approval is required under Jersey's funds legislation. In an industry where speed in bringing the product to market of the essence, this is seen a particular advantage."

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