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Leading offshore law firm Mourant Ozannes and BNP Paribas Securities Services have acted in the establishment of the Guernsey registered fund, SQN Asset Finance Income Fund Limited.
The fund, listed on the main market of the London Stock Exchange, was oversubscribed and successfully raised £150 million to invest in equipment lease and asset finance arrangements in the UK and US, with a focus on business-essential assets with high in-place value and long economic life relative to the investment term. The investment manager will target assets in Agriculture, Energy, Environmental, Manufacturing, Material Handling, Medical, Modular Accommodation, Technology and Transportation sectors.
Mourant Ozannes corporate partner Mark Chambers said: "It was a privilege to work on such a successful fund raising for an innovative asset class, with an experienced and professional team. It demonstrates once again that Guernsey remains an attractive jurisdiction for listed funds."
BNP Paribas Securities Services has acted as the Fund Administrator and Global Custodian. Colin Merrien, Location Head said: “The decision of SQN Asset Management to domicile this fund in Guernsey demonstrates Guernsey’s leading role in listed funds which shares a natural synergy with our strategy and commitment to the Island.” Ross Youngs, Head of Sales commented “The outstanding success of this transaction delivered within a limited time frame demonstrates our continued desire for innovation, excellence and client focus in Guernsey”.
Stephenson Harwood acted as lead onshore counsel and the Mourant Ozannes team was led by partner Mark Chambers assisted by senior associate Marcel Cariou. BNP Paribas Securities Services SCA acted as administrator and custodian to the fund and Winterflood Securities Limited acted as sponsor, financial adviser and placing agent.
