Funds sector welcomes Private Investment Fund changes
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Funds sector welcomes Private Investment Fund changes 29 March 2018St. Peter Port Reporter: Jenna Lomax
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Guernsey’s fund sector has made changes to the rules and guidance of its Private Investment Fund (PIF).
The change, which was announced last week, removes the need for a licensed investment manager to warrant an investor’s ability to sustain financial loss, replaced by a declaration, which places a lesser burden on the manager.
The PIF is based on a close relationship between investors and managers.
Craig Cordle, group partner at law firm, Ogier, said: “The frequently asked questions (FAQs) provide a most welcome clarification to the PIF regime which we expect to end any ambiguity about the nature and extent of managers' responsibilities.”
He added: “The new FAQs have been published at a time when the PIF option is gaining traction and momentum, and we fully expect these helpful FAQs to build on that traction by clarifying the rules for the wider market.”
Paul Smith, chairman of the Guernsey Investment Fund Association, commented: “The PIF is an exciting part of our product set in the Guernsey funds sector, suitable for both private and institutional clients. I look forward to seeing this market develop over the course of the year.”
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