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KPMG and Carey Olsen act on insurance-linked LSE main market listing

KPMG and Carey Olsen have advised Dexion Capital (Guernsey) on the launch of DCG IRIS, a new Guernsey-domiciled, closed-ended investment fund.

It has raised in excess of GBP40m by way of an initial public offering on the main market of the London Stock Exchange.

Carey Olsen provided Guernsey legal advice and KPMG in Guernsey have been appointed as auditors and provided reporting accountant services in relation to the establishment of the fund. Dexion Capital and Dickson Minto acted as joint-sponsors.

DCG IRIS is a feeder fund and will principally invest its assets in CS IRIS Low Volatility Plus Fund (Limited Master Fund) which invests in a broadly diversified portfolio of insurance-linked contracts, securities and catastrophe bonds as well as various types of investments related to insurance risks over the long-term. Credit Suisse is the manager of the master fund.

The KPMG team was led by Ashley Paxton, head of advisory, and senior manager, Gavin Niven.

Paxton says: “The total value of funds business in Guernsey has grown in the first quarter of 2012 and it is encouraging that we are continuing to see funds in the alternative assets class being domiciled in Guernsey.

“This is the third Guernsey main market listing in 2012 and the second that KPMG in the Channel Islands have advised on.”

The Carey Olsen team was corporate partner Christopher Anderson (pictured) and associate Alex Mauger.

Anderson says: “This re-affirms Guernsey’s expertise as the market leader in LSE listings of non-UK entities. There are currently 111 Guernsey entities listed on the main market which puts the island well ahead of all of its competitors. Carey Olsen advised on all three of the new listings so far in 2012.”

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