Guernsey lawyers have advised Gottex Fund Management SARL on the London Stock Exchange listing of the first fund to take advantage of the Guernsey registered closed-ended investment fund regime which was introduced earlier this year.
The listing of Gottex Market Neutral Trust Limited will comprise a placing and offer of shares which closed on 23 March, having raised £45m.
The principal feature of the new regime that allows the registration to occur so rapidly is that the onus to fulfil the due diligence function, normally undertaken by GFSC is instead placed on the administrator. A certificate is required from a Guernsey licensed administrator of the fund confirming that the administrator has performed sufficient due diligence to be satisfied that the promoter and associated parties of the fund are fit and proper persons. It is the administrator who must be satisfied as to the integrity, solvency and competence of the promoter.
Exit fees and conversions
Initial FOC of 0.6%
Former PFS president
Last commission convened in 2002