Carey Olsen has advised bond fund house TwentyFour Asset Management on the launch of UK Mortgages, a new investment fund which listed on the specialist fund market of the London Stock Exchange last week.
The fund's investment strategy is to provide shareholders with stable income returns through leveraged exposure to portfolios of loans secured against UK residential property.
The successful launch makes UK Mortgages the second largest investment trust to launch in 2015. The fund, which was oversubscribed, is targeting an annual return of between seven and 10 per cent with an annual dividend of 3p per share and raised £250 million from investors.
Corporate Partner Ben Morgan led the Carey Olsen team which provided Guernsey legal advice on the offer, fund incorporation and launch within a two-month timeframe assisted by Senior Associate Emma Penney. The fund was incorporated as a Guernsey company limited by shares.