Just two days after Jersey's company law was amended to permit protected cell companies, Bedell Cristin has formed the first such company for a collective investment fund.
The new protected cell company has been formed by Bedell Trust Company on behalf of MARS Capital Management Limited for a new collective investment fund, investors in which will participate in a variety of investment strategies through a number of separate cells.
Simon Pascoe of Bedell Cristin's Investment Funds and Private Equity Group says: “We are excited to be working with MARS Capital and Standard Bank Fund Administration on this new Jersey product. The Jersey model is undoubtedly an improvement on what is currently available elsewhere and provides a robust corporate vehicle with the flexibility clients find attractive in managing diverse portfolios. This development will further enhance Jersey's reputation as a leading jurisdiction for investment funds and structured finance vehicles.”
Jersey's Companies (Amendment No.8) (Jersey) Law 2006, which introduces advances to cell company investment structures, came into effect on Tuesday. Jersey legislators have introduced the concept of an Incorporated Cell Company (ICC), alongside an enhanced version of the traditional Protected Cell Company (PCC), to provide investors with greater flexibility when choosing a cell structure to meet their investment objectives.
The new ICC involves the formation of separate, legally recognised cells within the overall structure, with each cell established as a separate incorporated Jersey company. This is in contrast to the traditional PCC where all the cells combined create one legal entity and each cell is not treated as a separate legal personality.
The measures, which Island practitioners describe as the first significant advance from the original PCC model, are expected to provide a boost generally to the Island’s investment capabilities in the institutional market, particularly for the insurance sector and in support of international capital markets activity.
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