The Corporate Team of Ferbrache & Farrell LLP (F&F) recently acted as sole legal counsel for Mauritius-based PIM Capital Management and South Africa-based Global Independent Administrators
F&F advised on all corporate and regulatory matters on the setup, regulatory approvals and subsequent expansion of a new Guernsey open-ended Class B ICC fund, Prime Investments ICC Limited (Prime).
The first incorporated cell, Corion Global Flexible Fund IC Limited, invests predominantly in equities, bonds, property, derivatives and money market instruments with the objective for long-term capital growth. F&F provided all Guernsey commercial, legal and regulatory advice to Prime in respect of the formation, structuring, regulatory approval and launch of Corion.
As part of the expansion of this ICC, F&F were involved in the transfer of 3 existing Class B incorporated cells (the Renaissance Funds) from an existing open-ended Class B platform into the Prime structure.
Renaissance Global Flexible Fund IC Limited invests predominantly in equities and equity focused collective investment schemes with an emphasis on capital growth; Renaissance Best Ideas Fund IC Limited invests in a diverse range of global asset classes and currencies aiming to provide investors with capital growth over the medium to long term; and Renaissance Global Equity Fund IC Limited aims to provide a balance between capital preservation and capital growth in the Base Currency with a reduced level of volatility via strategic exposures to a wide range of asset classes.
F&F’s advice for the transfer of the Renaissance Funds included assisting in the structure and obtention of all necessary regulatory and shareholder approvals; both under company and regulatory laws, and liaising with the Guernsey Financial Services Commission, the shareholders, and the various service providers including administrators, investment managers and custodians on both sides of the transaction, particularly JTC Fund Solutions (Guernsey) Limited as the new administrator and Peresec International Limited as the new custodian.
The F&F team was led by Gavin Farrell and assisted by Joshua Black.
Advocate Farrell commented: “F&F were delighted to be able to assist Prime in this new structure which was of great interest to us as lawyers, since it involved and combined new regulatory applications for an open ended class B umbrella structure with the restructuring of existing regulated sub-funds of another umbrella structure. In particular, the interaction between all former and incoming service providers, the authorities and investors was a multi-faceted but sensitive one.”
