Advocate Roger Le Tissier and senior associate Andy Lowe have advised Gottex Fund Management SARL on the London Stock Exchange listing of a new Guernsey registered fund, Gottex Market Neutral Trust Limited. Gottex is the first listed fund to take advantage of the recently introduced Guernsey registered closed-ended investment fund regime which took effect from 1 February. The new regime provides a fast track procedure whereby consent may be obtained from the Guernsey Financial Services Commission within 3 days of filing the required documents.

The key feature of the new regime is that a certificate is required from a Guernsey licensed administrator of the fund confirming that the administrator has performed sufficient due diligence to be satisfied that the promoter and associated parties of the fund are fit and proper persons. In effect, the administrator is required to fulfil the due diligence function normally undertaken by the Commission, and the Commission has established clear guidelines as to the minimum criteria that must be met. The main element of the guidelines is that the administrator must be satisfied as to the integrity, solvency and competence of the promoter.

Application was made to the Commission on 27 February in respect of Gottex Market Neutral Trust Limited, and consent was obtained on 2 March. The listing wil comprise a placing and offer of shares which closed on 23 March having raised £45.35million.