Fiduchi Launches New Fund Services Business

Fiduchi is pleased to announce the launch of our new fund administration service which sits alongside its already existing range of Private Client, Corporate and Yacht services. Executive Director Robert Ayliffe explains that Fiduchi chose to implement this new offering to support the continuing growth of business and to address the increasing demand from clients and intermediaries who were looking to take advantage of the Jersey Private Fund (JPF) regime launched by the JFSC in 2017.

Fiduchi's existing client base and previous experience within the team provides a robust platform to leverage and grow the new Funds services offering. Fiduchi already administers partnership structures, trusts and companies investing in private equity or real estate. Many of these structures are very similar to funds and could be categorised as JPFs if clients required. Furthermore, many of Fiduchi's senior team have experience of working in fund administration environments in previous roles.

In researching the Funds market in Jersey, Fiduchi has identified it is serviced by a large number of long-established firms with dedicated fund administration teams who tend to focus on more substantial, institutional funds with total assets over £100m. By supporting and working with fund promoters in the start-up phase or looking to launch funds under this threshold, Fiduchi is looking to target a specific area of the market. Fiduchi will focus on servicing JPFs with private equity or real estate investment strategies so that it can leverage the cumulative knowledge and expertise already enjoyed across the business.

Robert commented:

"Over the past 18 months, Fiduchi has experienced a significant increase in unsolicited enquiries for the establishment of Jersey-based funds. This has been partly driven by the launch of the Jersey Private Fund Guide. Fiduchi is building from a strong, solid foundation centred around director-led relationships delivering excellent client service, and this will extend into our Fund Services."

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Some of the key features of a Jersey Private Fund are:

• A fast-track 48-hour regulatory approval process;
• No prior approvals required of the promoter;
• Offering documents are permitted but not required;
• They can only be marketed to 50 or fewer professional or eligible investors (min £250,000 investment);
• All investors must sign a basic investment warning and disclosure statement; and
• A Designated Service Provider (“DSP”) must be appointed that is regulated by the JFSC.

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You can find out more about Fiduchi's Fund Services here. Alternatively, you can contact Robert Ayliffe directly to discuss any requirements you have on: +44 7700 349 750.