Collas Crill makes investment scheme migration happen

Thursday 10 January 2019

Guernsey’s fund industry received a boost of approximately $155m. with the migration from Bermuda of the “CAM Bastion” master-feeder collective investment scheme at the end of last year.

The scheme comprises a master fund, which operates as a fund-of-hedge-funds, and four feeder funds offering US dollar and South African rand hedged share classes.

The CAM Bastion scheme was, until this migration, registered and regulated as a collection of "standard" funds in Bermuda.

Collas Crill assisted Peregrine Guernsey Limited, the manager of the scheme, with the migration into Guernsey. On migration, the funds were authorised by the Guernsey Financial Services Commission (GFSC) as Class B open-ended collective investment schemes.  

Collas Crill worked closely with the GFSC, Peregrine Guernsey and Bermudian counsel to ensure a smooth transition from Bermuda into Guernsey and simultaneous approval of the funds' regulated status with the GFSC.

The Collas Crill team was led by senior associate Gareth Morgan, and also comprised group partner Paul Wilkes and associate Annabel Bishop.

Mr Morgan said of the transaction: "It was a pleasure to work alongside Peregrine Guernsey to bring new open-ended schemes into Guernsey.  

“The ability to re-domicile and authorise such foreign schemes so smoothly with both the Guernsey Registry and the GFSC is a great example of the Island being open for business."

PIctured: Gareth Morgan.