Growth in BVI Approved Manager licences in 2014

Based upon the British Virgin Islands Financial Services Commission most recently released statistics (Q4 2014 Volume 37 December 2014), Ogier is pleased to report growth in the number of investment managers opting to utilise the Investment Business (Approved Managers) Regulations, 2012 (the Regulations) and thereby domicile their investment management vehicles in the BVI.

According to the most recently released statistics, the FSC licensed 29 investment managers under the Regulations during 2014, bringing an aggregate total of 55 investment managers licensed under the Regulations since it was first introduced at the end of 2012.  In our view, the principal drivers for the continued take-up of this product have been the extension of the scope of the regime at the beginning of 2014 to enable Approved Managers to manage non-BVI fund structures and also the increased willingness of the FSC to exercise its discretion to permit applicants for Approved Managers status to manage managed accounts. 

Ogier partner Simon Schilder commented “Over the past 12 months we’ve seen a number of clients looking to provide investment management services to managed accounts in particular applying for Approved Manager status. The net effect being that we are now experiencing growth in the numbers of clients opting to utilise BVI as the domicile of their investment managers.  We hope to see continued growth in the take-up of clients looking to take advantage of the Approved Manager regime during the course of 2015”.