The 2014 Monterey Insight Guernsey Fund Report has once again positioned Carey Olsen as the number one legal adviser to the investment funds sector in Guernsey for the year ending 30 June 2014. It credits the offshore law firm with a 57.73 per cent share of the total market by the number of funds it advises, a three per cent increase on the previous year's results.
The report assesses the volume and value of activity among advisers to Guernsey's funds sector, ranking administrators, auditors, custodians, promoters and legal advisers by the number of funds they advise and by assets under management. It includes data on open- and closed-ended schemes, qualifying investor schemes and non-domiciled schemes that are serviced on the island. The research is based on the Guernsey Financial Services Commission's (GFSC) list of regulated schemes.
Carey Olsen is also reported to be the lead adviser to 61.42 per cent of Guernsey-domiciled funds, which is a 4.16 per cent improvement on last year's market share and representative of a lead of more than 40 per cent over the firm's nearest competitor. The law firm also gained market share in the non-domiciled funds rankings, ranking second behind Mourant Ozannes.
The report also shows that Carey Olsen won a significant number of fund clients and launched 45 new funds over the period, with the next legal adviser in the table having launched 14.