New PIF funds are welcomed
TWO new fund launches under the island's new Private Investment Fund regime are being welcomed locally.
Cairngorm Capital II, which invests in British mid-market companies in manufacturing, distribution and service industries, and GMT Communications Partners, a private equity fund focused on tech-enabled assets and services, are the first two PIFs to launch, with more expected soon. Lawyers say there is 'strong interest' in the product.
The new PIF structure, introduced by the Guernsey Financial Services Commission at the end of last year, aims to reduce significantly 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, pictured, head of Northern Trust in Guernsey, which is administering the GMT Communications fund.
'As Guernsey's largest fund administrator and custodian, we are delighted about the opportunities this new fund regime presents for our clients.'
