At the start of the year, the landscape for promoters already looked complex, with Brexit, AIFMD, recent regulatory initiatives such as BEPS and conversations around substance all clear challenges when it comes to alternative fund structuring and domiciliation decisions.
The unprecedented events of 2020 have added even more factors for promoters to consider. The coronavirus pandemic has forced us all to consider jurisdictional resilience in the face of a totally unforeseen global crisis, political instability in certain markets has resulted in an increased focus on geopolitical risk, and changes made to blacklists have highlighted the reputational risks to managers brought about by jurisdiction selection.
During this panel discussion, a group of fund experts discuss how these market developments are having a major impact on managers weighing up their options and examine how fund domiciles respond appropriately and innovatively to the emerging demands of the industry.
Elliot re-joined Jersey Finance in November 2018 from Crestbridge where he managed their Management Company Services Group.
Elliot’ role is to help define Jersey’s product offering for funds as well as to oversee the strategy and execution of marketing Jersey as both a domicile and destination for Alternative Investment Managers and their funds.
Elliot moved to Jersey in 2006 to establish a Macro strategy Hedge Fund under the Ermitage umbrella for whom he also seeded other Macro / CTA strategy Hedge Funds.
Elliot founded the Jersey Hedge Fund Managers Group and the Digital Asset Managers Group aimed at linking the growing community of local Managers and is a committee member of the Jersey Funds Association, the BVCA Channel Islands working group and the islands Funds’ Innovation Committee.
Tim Morgan Partner, Mourant
Tim Morgan, a leading funds lawyer and Mourant partner for over 5 years practice focuses on investment funds (listed and non-listed) and related corporate, finance and restructuring issues. Tim advises fund promoters, investors, boards, regulators and service providers across a variety of asset classes including real estate, private equity, hedge and liquid securities. Tim trained with Taylor Wessing in London as a corporate lawyer and, following a period at PwC Legal in London, spent three years in the M&A team at Dresdner Kleinwort Wasserstein. Throughout this period, he worked on an extensive mix of public and private M&A in sectors including industrials, oil & gas and hospitality, with a particular focus on private equity sponsored deals. Tim is Jersey Funds Association Chairman and regularly speaks at industry conferences and events.
Martin Rowley Partner, Deloitte
Martin Rowley is a US Business Tax Partner in London and Head of Jersey Tax at Deloitte. He advises on corporate and international tax matters for clients in a wide range of industries, involving cross-border transactions and capital flows; US anti-deferral planning; and the tax aspects of multi-jurisdictional acquisitions, financings, restructurings, and IP transfers. Martin regularly acts for private equity and real estate funds, sovereign institutions, and investment managers in the structuring, financing, and execution of investments, joint ventures, and other M&A activities, including earnings repatriation strategies. His work is particularly focused on Europe, Asia, and the MENA region. A regular speaker on international tax topics at conferences and in-house and specialist seminars for clients and professional organisations, Martin is recognised by Chambers UK and Chambers Global as a leading individual in tax. He holds an LLM in Taxation (Georgetown University), Juris Doctor
Marie Fitzpatrick Senior Director, JTC
Marie is based in JTC’s London office and has over 20 years’ experience in global funds, including experience in private equity accounting. Marie plays a leading role in building and maintaining intermediary relationships and growing organic new business in the fund and corporate services markets with a particular mandate on developing JTC’s global private equity offering. Before joining JTC, Marie held a senior position at Langham Hall where she had responsibility for growing new business across Europe. Prior to this, Marie spent eleven years working for two prestigious private equity firms. Marie is also a qualified certified chartered accountant.
Paul Rouse Chief Operating Officer, Systematica
Paul joined Systematica on launch in January 2015 as the Chief Financial Officer. He was further appointed as Chief Operating Officer for Systematica in June 2017 becoming responsible for Operations, Risk and the Operating Committee in addition to Human Resources, Fund Accounting, Corporate Accounting, Tax and the Client Service functions. Prior to joining Systematica, Paul served as Head of Product Control at BlueCrest managing teams in London, New York and Singapore. Paul joined BlueCrest in 2006 and for over 8.5 years covered all functional areas within the BlueCrest Product Control function. Previously, Paul was a Product Control manager at Goldman Sachs for 3 years focussing on equity derivatives trading. Paul trained as a Chartered Accountant at Ernst and Young within their Corporate Tax business, qualifying as an ACA in January 2003. He holds a BSc (Hons) in Marine Biology from Newcastle University.
Kate Downey Partner, Fried Frank
Kate Downey is a corporate partner resident in Fried Frank’s London office, and head of the Firm’s European Private Equity Funds Practice. Ms. Downey advises fund sponsors and financial institutions across a broad range of asset classes, including private equity, venture and growth, infrastructure, credit and real estate. She counsels fund managers on carried interest, co-investment and other incentive arrangements, including leveraged co-investment arrangements. Additionally, she has experience in a broad range of international private equity transactions, including secondary portfolio acquisitions and synthetic secondaries, fund and management company restructurings and other general corporate matters. Ms. Downey is consistently recognized as a leading private funds practitioner by Chambers UK, Chambers Europe, Legal 500 UK, Legal 500 US, IFLR 1000, Best Lawyers, The Lawyer (ranked in 2019 Hot 100), Who’s Who Legal (EMEA Formation Thought Leader) and PLC Which Lawyer?.