Apex Fund Services (Jersey) Limited
Union House, Union Street, St Helier, Jersey, JE2 3RF
www.apexfundservices.com/isobel@apexfunds.co.ieAbout
Jersey has a long established and successful funds industry, which has been at the forefront of international developments, which have attracted international sponsors, promoters, fund managers, advisors and investors. One of the key features of Jersey’s fund industry is the flexibility and range of structures and corresponding regulatory and commercial approaches that can be used for funds.
Jersey domiciled investment funds may be structured as companies, limited partnerships (including separate limited partnerships), incorporated cell companies, protected cell companies or unit trusts.
Isobel McCreath
Isobel has worked in the Jersey finance industry for over 30 years, spending the last 28 years in the Fund Services Business, working on various fund products for both Institutional and Retail investors covering all aspects of the business and client relationships.
Prior to joining Apex at the beginning of 2015, Isobel held senior roles with Deutsche Bank, State Street and ACPI, having been a Principle Person as regulated by the Jersey Financial Services commission for over 10 year.
Expert Funds
Expert Funds are attractive for non-retail schemes, whether joint ventures, hedge funds, private equity vehicles or other schemes aimed at “expert investorsâ€. Expert Funds can be established quickly and cost effectively and must comply with the Jersey Expert Funds Guide.
Expert investors include, amongst other tests, any persons investing at least $100,000 or currency equivalent into the fund.
There are no investment or borrowing restrictions imposed on the fund, nor is there any limitation on the number of investors such a fund may have.
Listed Funds
Listed Funds must comply with the Jersey Listed Funds Guide (the “LF Guideâ€). The LF Guide does not place any restrictions or qualification criteria on who can invest in a Listed Fund and provides certainty to those wishing to establish a listed fund in a quick and cost effective manner. There is no minimum investment requirement and the fund must be closed ended.
The investment manager of a listed fund must be established in an OECD state or in a jurisdiction with which the JFSC has entered into a memorandum of understanding, or be otherwise approved by the JFSC. The fund must also be listed on an exchange or market recognised by the JFSC. Like the Expert Fund there are no investment or borrowing restrictions imposed on Listed Funds.
Unclassified Funds
To the extent that a fund is to be offered to more than 50 investors or is to be listed, but where the fund is not able to fall under the expedited regulatory approach offered under either the Expert Fund Guide or the Listed Fund Guide, a collective investment fund may be regulated as an unclassified fund.
In this situation the JFSC will regulate the fund in accordance with its policy, which will need to include compliance by the promoter of the fund with the JFSC’s promoter policy. This will include an evaluation of the track record, experience and reputation of the promoter of the fund as well as of the financial resources and spread of ownership of the promoter.
The JFSC will review the prospectus, constitutional documents and material agreements relating to the fund. The fund operation and investment and borrowing restrictions will need to comply with certain established standards against which the JFSC will evaluate funds of this type.
Unregulated Funds
There are two separate categories of Unregulated Funds
Eligible Investor Funds: open/closed-ended and restricted to sophisticated investors including those investing a minimum amount equivalent to US $1 million).
Exchange Traded Funds: closed-ended and listed on an approved stock exchange or market.
There is no audit requirement (unless the fund is a public company), no need for Jersey service providers or Jersey directors and no investment or borrowing restrictions imposed on an Unregulated Fund. Nor are there any limitations on the number of investors such a fund may have.
The key benefits of this regime for fund promoters are that it provides unparalleled flexibility coupled with the certainty of being able to establish the fund at any time simply by filing the required notice and without the need to obtain prior approval from the JFSC.
Unregulated Funds can be established as a Jersey company (including as a PCC or ICC), as a limited partnership with at least one general partner which is a Jersey company or as a unit trust with at least one trustee or manager which is a Jersey company.
Apex Fund Services (Apex)
Apex Fund Services (Jersey) Limited is part of the Apex Funds Group (“Apexâ€) which has more than $24 billion under administration, more than 400 clients and over 320 employees in 33 offices across 26 countries.;
Apex has more people doing real accounting work in more places than any other administrator and its core strategy of “global reach, local service†is underpinned by a sophisticated cloud-based technology platform, which means it can operate seamlessly across borders.;
Apex Fund Services (Jersey) Limited is licensed by the Jersey Financial Services Commission to provide fund administration services to the following fund classifications:
Expert Funds
Listed Funds
Unclassified Funds
Jersey Eligible Investor Funds
Unregulated Funds
Non-domiciled funds that are materially equivalent to an Expert Fund
In addition Apex Fund Services (Jersey) Limited is also able to facilitate the provision of administration services to Jersey Private Placement Funds and Very Private Funds via an arrangement with its service partner in Jersey, Fairway Fund Services Limited’.Categories: Fund Administrators & Services.
