Northern Trust (Nasdaq: NTRS) and Carey Olsen have assisted GMT Communications Partners LLP in launching a Guernsey Private Investment Fund (PIF).
The new PIF structure, introduced by the Guernsey Financial Services Commission at the end of 2016, aims to significantly reduce the cost and processing time for launching a fund and provides fund managers with greater flexibility and simplicity.
“This is one of the many kinds of innovative fund structures suited to Guernsey’s flexible and pragmatic approach to financial regulation and highly developed professional support infrastructure,” said Belinda Burgess, head of Northern Trust in Guernsey. “As Guernsey’s largest fund administrator and custodian*, we are delighted about the opportunities this new fund regime presents for our clients.”
Working collaboratively with Northern Trust, Guernsey law firm Carey Olsen advised on the launch. Partner Christopher Anderson led the team, with senior associates Matthew Brehaut and John Scanlan, and associate Colin Calvert. Weil, Gotshal & Manges acted for the client on English law matters.
“The advantage of using a Guernsey PIF is that it significantly reduces the cost and processing time for launching a fund,” said Christopher Anderson, partner at Carey Olsen. “For GMT Communications Partners, we were also able to use our knowledge of the recent registration of the first PIF resulting in a smooth approval and transaction process.”
The private equity fund will be administered from Northern Trust’s Guernsey office where it provides a range of fund administration solutions, banking, global custody, depositary, credit and fiduciary services to investment managers worldwide and across the spectrum of asset classes. Recently, Northern Trust, in collaboration with IBM, announced the launch of the first commercial deployment of blockchain technology for the private equity market.
“We have been working with Northern Trust as a fund administrator for more than 17 years and their collaborative and insightful approach helped us launch this new Guernsey investment vehicle,” said Ashley Long at GMT Communications Partners. “Their extensive experience, high quality service and support enabled us to be at the forefront of industry developments.”
*By total net assets. Source: Monterey Insight’s Guernsey Fund Report, October 2016
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 22 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2016, Northern Trust had assets under custody of US$6.7 trillion, and assets under management of US$942 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
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