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Domiciles

Sanne granted Irish depositary services licence

Sanne Depositary Services provides depositary services to collective investment schemes

Jersey PE and VC funds grow by 21%

JFSC figures also showed the number of registered Jersey Private Funds reach 403, an increase of more than 100 during 2020

Domicile watch: March 2021

Key takeaways from the major PE domiciles: including Jersey's changes to its AML/CFT handbooks, Guernsey's review of its Green Fund accreditation and Ireland's Green Team network launch

Rising Star of the Year award winner: Dawid Sawicki, Kennet Partners

The financial controller discusses winning the Rising Star award, stepping up to FC during the finance team's transition period and various processes, systems and the CFO forum he's implemented

Crestbridge opens Dublin office

The firm is currently authorised to provide corporate services in Ireland and is aiming to provide fund admin services soon

Deeper Perspective: The UK Funds Regime

Benjamin Lamping, founder of Reframe Capital asks: Are we at risk of missing a potential watershed moment for the UK funds industry, and a genuine post-Brexit opportunity?

IQ-EQ targets fund services in Ireland

The firm received fund administrator authorisation from the Central Bank of Ireland in December

InCloudCounsel opens Singapore office

The firm has hired Jon Crandall as managing director for APAC to lead the office

LP location most important factor in fund structure selection

Alternatives Watch’s 2021 Fund Formation Survey found 20% of respondents cited regulatory regime as another important consideration for dictating the type of fund launched

PE and VC funds reached $325.9bn in Jersey in 2020

Monterey's latest report found more than 120 new Jersey funds were launched during 2020 collectively totalling $14.5bn

AIFs and UCITS totalled €174bn in December

EFAMA's latest report found AIFs and UCITs net sales totalled €174bn in December, a significant increase from €78bn in November

Domicile watch: February 2021

Key takeaways from the major PE domiciles: including Jersey's recommendations to adapt its framework, Guernsey's latest guidance on cyber security and countering financial crime and terrorist financing, as well as Luxembourg's response to OpenLux

Luxembourg Government and ALFI respond to OpenLux investigations

Statements defend the Grand Duchy’s regulatory standards following the OpenLux investigations, which claimed Luxembourg uses flawed AML frameworks

Private equity and the trade and cooperation agreement

Brexit has shifted from political to economic, causing widespread disruption for private equity, writes Denzil Davidson of Global Counsel

GAAP in Lux

Avega Capital Management’s Nic Mueller discusses why the Grand Duchy’s new interpretation of accounting standards is important for private equity funds

Tangled up

Despite reaching a deal, the UK's departure from the EU leaves private equity firms caught up in an intricate web of rules and regulations

Jersey brings stability to funds industry

Jersey brings a level of stability to the funds industry that is valued across the board, according to the Government of Jersey

The ID Register gets Guernsey licence

The licence enables The ID Register to carry on controlled investment business in the jurisdiction

Luxembourg to reach €5trn AuM

Luxembourg remains popular with funds industry as total AuM set to reach €5trn

Xolaris granted Liechtenstein AIFM authorisation

Third party AIFM provider Xolaris has been authorised to offer its ManCo services in Liechtenstein

Domicile watch: January 2021

Key takeaways from the major PE domiciles: including Jersey's new definition for AML legislation, changes to Guernsey's private fund regime and Ireland's prep for SFDR

Citco opens Abu Dhabi HQ

The firm has also partnered with ADGM to create a sustainable, fully-integrated ecosystem for the investment management industry

Link Group purchases Casa4Funds

Casa4Funds has been backed by Banor Capital since 2014

Irish Funds welcomes LP reform

The trade body predicts The Investment Limited Partnerships (Amendment) Bill 2020, passed in the Dáil, will create 3,000 jobs by 2025 and attract up to €20bn of global private capital each year

Jersey NPPRs up 12%

The number of managers using the national private placement regimes (NPPR) in Jersey has increased by 12% over the past 12 months

Class of 2020

A cross-section of industry practitioners share their greatest lessons of this year

Domicile watch: November 2020

Key takeaways from the major PE domiciles: including Jersey's new digital launches, VinaCapital's migration to Guernsey and Cayman's regs launches

Alter Domus opens Cayman office

The firm has appointed David Boyd as Cayman country executive

No place like home: finding the right fund domicile

Predictability, reliability and quality are key components, according to our expert panel

U.S. Bank launches alts fund services in Luxembourg

The office will provide fund administration, depositary and banking services to funds in Luxembourg

Gibraltar updates funds legislation

The new Limited Partnership Bill and the Protected Cell Limited Partnerships Bill aims to modernise existing fund legislation

Apex acquires Brazilian administrator

Banco Modal’s MAF claims to be one Brazil's largest alternative fund admins, with nearly BRL70bn of assets under administration and custody

Fund managers fall short on governance

A large number of previously authorised fund managers have failed to implement the governance framework set out by the Central Bank of Ireland

Domicile watch: October 2020

Key takeaways from the major PE domiciles: including Jersey's new digital registry, Ireland's approval of the limited partnership reform and Cayman's removal from the EU blacklist

Apex purchases FundRock

FundRock is an independent UCITS ManCo and AIFM and claims to be the largest third-party manager of UCITS funds in Luxembourg

WATCH: No place like home: finding the right fund domicile

Predictability, reliability and quality are key components, according to our expert panel

Cayman Islands removed from EU blacklist

The domicile adopted necessary reforms to its tax policy framework on collective investment funds in September

Jersey Finance appoints Laity as chair

Laity replaces outgoing Jersey Finance chair Gunther Thumann

Ireland approves limited partnership reform

This amended legislation aims to modernise the Act by aligning it with more recent domestic and EU laws.

Comment: Cross-border marketing of funds

Richard Small, partner of Addleshaw Goddard, deciphers increasing complexities around crossborder marketing rules

EDB receives FCA approval

The authorisation follows last year’s approvals from regulators in Malta and Ireland

US LPs invest £43.6bn into Guernsey-domiciled funds

Guernsey government research found the NAV of Guernsey-domiciled funds under management reached £227.7bn in mid-2019

Mainstream expands into APAC

Expansion follows signing of new client, Korea Development Bank Asia

Domicile watch: August 2020

Key takeaways from the major PE domiciles: including Jersey's new continuance fees for limited partnerships, Guernsey's limited partnership migrations and Luxembourg's fraudulent websites

Duff & Phelps launches Ireland Super ManCo

The Super ManCo will provide fully-fledged and flexible management company solutions for all investment strategies

JFSC to develop shared KYC tool

The shared tool enables users to verify customers’ identities

Guernsey introduces fund migration regs

The Limited Partnerships (Migration) Regulations 2020 allows limited partnerships to relocate to Guernsey quickly and easily

Domicile watch: July 2020

Key takeaways from the major PE domiciles: including how Luxembourg, Guernsey and Jersey are adjusting their practices as Covid-19 country lockdowns are eased while Cayman highlights a fraudulent due diligence email being circulated

Jersey expects increased fund migration following new LP rules

The amendment makes it easier for managers to migrate structures from elsewhere in a quick, cost-effective manner.

DMS Group acquires Oligo

The acquisition enhances DMS’ European product offering to provide Swiss fund services and bespoke solutions to clients

Hong Kong passes Limited Partnership fund regime

The new bill "makes impressive strides" in attracting investment funds, including private equity and venture capital

Jersey seeks feedback on LP continuance fees

The proposed fees will only affect foreign limited partnerships wanting to migrate to Jersey

Jersey’s PE funds increase by 11%

Latest figures show private equity assets serviced in Jersey increased from £136bn to £150.5bn in Q1 2020

Jersey increases fund fees

The new rates form part of the regulator’s 2020 business plan

Guernsey launches fast-track licencing for overseas funds

The regime aims to enable simultaneous consideration of a migration into the Bailiwick of Guernsey and licencing of the manager within a 10-day period

Domicile watch: June 2020

Key takeaways from the major PE domiciles: including how Luxembourg, Guernsey and Jersey are adjusting their practices as Covid-19 country lockdowns are eased while Cayman highlights a fraudulent due diligence email being circulated

Comment: A decade of fund finance in Luxembourg

More competition plus an increasingly complex regulatory environment requires greater sophistication and specific LPA provisions, writes Wildgen's Michael Mbayi

Apex expands Throgmorton in Switzerland

The new office provides accounting and tax compliance services, company secretarial and governance as well as payroll services to businesses operating locally

Guernsey launches guidance on green PE principles

The aim is to bring climate risks and resilience into the heart of private equity decision making

The Private Equity Editor’s Podcast 4

Through our combined expertise of PE investments to operations - and everything in between - this snappy podcast neatly distils the need-to-know market developments of the last week.