Guernsey’s new fast track application regime for managers of overseas funds has been used for the first time.
VinaCapital, one of Vietnam's leading investment management and real estate development firms, with a diversified portfolio of US$3 billion in assets under management, has migrated its licence and registration from the Cayman Islands to Guernsey.
The move followed a migration of one of its managed funds, VinaCapital Vietnam Opportunity Fund (VOF), from Cayman to Guernsey in 2016, as part of its move from AIM to the Premium Segment of the Main Market of the London Stock Exchange.
Introduced in July, the new fast track regime has combined the processes for an incoming manager to gain GFSC consent along with the securing of its licence to conduct fund management into a single 10-day review period.
"Our decision to migrate to Guernsey was to benefit from the robust and highly-regarded administrative, legal and regulatory infrastructure available in the island and to align the company's jurisdiction of incorporation and regulation with VinaCapital Vietnam Opportunity Fund. The process of migrating and licensing under Guernsey's new fast track application regime was extremely simple and straightforward,” said Brook Taylor, Chief Executive – Asset Management at VinaCapital.
The Carey Olsen team advising VinaCapital on all Guernsey aspects of its migration was led by corporate partner Ben Morgan and senior associate Gemma Campbell.
“The introduction of a new fast track application regime for managers of overseas funds was a welcome addition to Guernsey's tried and tested suite of fast track regimes and we're delighted to have assisted VinaCapital on being the first manager to take advantage of it,” said Mr Morgan.
“We would also anticipate that this could be the first of many with other managers attracted by the breadth and depth of expertise available across Guernsey's financial services, regulatory and legal sectors, coupled with our reputation for effective regulation and adherence to global standards on transparency, anti-money laundering and economic substance."
Rupert Pleasant, Chief Executive of Guernsey Finance, said: “Guernsey has always had genuine substance in financial services. Our whitelisted position genuinely sets us apart from other jurisdictions and we will continue to build on that position of strength, as managers look to jurisdictions who meet global standards on economic substance.”
