Following the introduction of the Jersey Listed Fund Guide in January 2007 by the Jersey Financial Services Commission, Ogier has acted on the establishment of the first investment fund to be regulated under the new regime.

New City High Yield Fund Limited is a closed ended Jersey investment fund which is expected to be listed on the London Stock Exchange in March 2007 and will invest predominantly in high yield fixed income securities.

Listed funds are expected to provide a significant new platform for the regulation of investment funds in the Island which are listed on stock exchanges or markets recognised by the Commission which includes the majority of international exchanges, the London Stock Exchange and the Alternative Investment Market as well as the Channel Islands Stock Exchange.

Tim Morgan, managing associate at Ogier, commented:

“Ogier have been delighted to act on this LSE listed structure being the first fund to be authorised under the new listed fund regime, which provides a clear and expedited process for authorising funds listed on leading stock exchanges.”