Guernsey's IFM In London Listing 'First'
by Jason Gorringe, Lowtax.net, London
11 March, 2015
Guernsey-based International Fund Management Limited (IFM) is understood to be the first independent, Guernsey-licensed fund manager to act as an alternative investment fund manager (AIFM) for the Initial Public Offering (IPO) of a new London-listed fund.
IFM is part of the Praxis Group and was appointed AIFM for Sequoia Economic Infrastructure Income Fund Limited, which raised GBP150m (USD225.86m) when it was launched on March 3, 2015.
As the AIFM, IFM will delegate portfolio management to the advisor, Sequoia Investment Management Company, but will maintain responsibility for ensuring the fund operates in line with laws, regulations, and the European Union's Alternative Investment Fund Management Directive (AIFMD) and that risks are managed, reviewed, and controlled.
Sequoia is a newly formed fund focused on the economic infrastructure sector. The fund expects to target investments in operational projects in the transport, transportation equipment, utilities, power, renewable energy, telecommunications infrastructure, and infrastructure accommodation sub-sectors.
Chris Hickling, Managing Director of IFM, said: "Structuring in this way allows the fund to be placed to certain European investors via private placement, and offers a flexible solution to the challenges of meeting AIFMD requirements. Our solution takes on responsibility for the AIFM and provides the board with a dedicated and experienced team providing robust reporting to the relevant authorities and the fund."
"IFM has a strong track record and already provides fund management services to a number of funds with more than USD1.3bn under management. The company has built up a wealth of experience and strong governance framework since launching in 2006 and it is these strengths that have led to us being appointed as AIFM for the Sequoia Economic Infrastructure Income Fund."
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