The flexibility of Jersey's expert funds regime has been demonstrated with the recent redomiciling of two major hedge funds from Bermuda to the Channel Island jurisdiction.
The funds, which transferred to the island with the help of leading Jersey law firm Bedell Cristin, are investment group Liberty Ermitage's flagship, Liberty Ermitage Asset Selection Fund Limited, which has $700m of assets under management, and the Liberty Ermitage Resources Fund Limited, which has $30m of assets under management.
The continuation into Jersey of both Irish Stock Exchange listed funds as expert funds pursuant to the Jersey Expert Fund Guide was completed by Bedell Cristin in October following several months of work involving the co-operation of the Bermuda Registrar of Companies, the Jersey Financial Services Commission and the Irish Stock Exchange.
Commenting on the decision by the two hedge funds to redomicile to Jersey, Martin Paul, Head of Bedell Cristin's Investment Funds and Private Equity Group, noted that the move is "good news for Jersey and its thriving expert funds industry".
Mr Paul went on to observe that:
"In 2005 Jersey was named as one of the top two jurisdictions for hedge funds in the Legal Week 'Insight' survey of specialist funds advisers and decisions like this only serve to reinforce that message.
"The Island offers a secure and well-established environment and is clearly very highly regarded within the funds community."
Launched in February 2004, the Expert Funds regime streamlines the authorization process for new funds whilst attempting to maintain rigorous compliance criteria. The regime is particularly suited to hedge funds and other more sophisticated investment products aimed at the more experienced investor and according to the Jersey Financial Services Commission, it is possible to establish Expert Funds in a matter of days.
The first fund authorised under the new rules was launched in March 2004 and as of September 30, 2005, there were 98 Expert Funds established in Jersey.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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