Carey Olsen has cemented its position as the number one legal adviser to the investment funds industry in Guernsey, according to the latest findings of independent research group Monterey Insight.The 25th edition of the annual Guernsey Fund Report, which provides a comprehensive analysis of the performance of all funds serviced in Guernsey and their primary service providers, reports that for the year ending 30 June 2019, Carey Olsen provided legal advice to 798 Guernsey regulated investment funds, up from 750 a year previously, and now more than 600 ahead of its nearest competitor.
Of those 798 funds, 675 were Guernsey domiciled schemes, which represents 82.4 per cent of the entire Guernsey market by AUM and an increase of USD17.2 billion (6.8 per cent) over the year to USD270.1 billion.
Overall, Monterey Insight found that the total value of fund assets serviced in Guernsey increased to USD412.0 billion at the end of June 2019, up 3.2 per cent compared to 2018. The number of serviced schemes now stands at 1,065, while the total number of sub-funds reached 1,289.
Ben Morgan, partner and head of Carey Olsen’s corporate and finance group in Guernsey, says: “The year-on-year growth in AUM shows the continued attractiveness of the jurisdiction as a specialist funds centre, which is evidenced by the surge in new fund managers coming to Guernsey and a bumper year for private equity fundraising among the larger fund managers who already use Guernsey.
“As a firm, Carey Olsen is delighted to have once again retained our position as the leading legal adviser of Guernsey serviced funds, increasing our market share both by total number of funds and total assets. The results are a credit to our team’s high level of expertise, experience and dedication.”
