Ogier's Guernsey team advises Baillie Gifford on US$477 million Schiehallion launch

Ogier's Guernsey team has advised Baillie Gifford on the US$477 million launch of The Schiehallion Fund Limited ("Schiehallion").

Schiehallion is admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.

An Ogier team led by partner Craig Cordle advised on the launch, which is Baillie Gifford's first Guernsey fund.

The team – which included associate Gabrielle Saul – advised alongside accountants and auditors KPMG, administrators Alter Domus and onshore lead counsel Herbert Smith Freehills LLP.

Schiehallion's objective is to generate capital growth through the making of long-term minority investments in later stage private businesses that it considers to have transformational growth potential and to have the potential to become publicly traded.

Craig said: "We are delighted to have advised Baillie Gifford on this launch and listing, and to have worked with the teams at KPMG, Alter Domus and Herbert Smith Freehills.

"We continue to see interest in the use of Guernsey vehicles for listing on the London markets, as the jurisdiction's strategy of leading the way in the quality of professional services and regulation offshore – as endorsed by the EU Council's 'white-listing' decision earlier this month – clearly hits all the right notes for international regulators and the wider financial services industry."

Ashley Paxton, Head of Advisory at KPMG in the Channel Islands added: “KPMG were delighted to be able to act as reporting accountant to Baillie Gifford on this important fund launch, a new fund that underlines the important role Guernsey plays in helping to support the Specialist Fund Segment of the London Stock Exchange."

Tom Amy, country executive for Guernsey at Alter Domus (Guernsey) Limited – who worked on the launch with senior manager Hannah Dunnell – said: "We are delighted to have been able to work with Craig’s team at Ogier and support Baillie Gifford on the launch of The Schiehallion Fund, and we look forward to partnering with Baillie Gifford’s experienced internal teams in delivering ongoing administration, regulatory and reporting services."

Last week, Ogier was named Regional/Offshore Law Firm of the Year at the prestigious Legal Business Awards in London.