Crestbridge in Jersey has been approved by the Jersey Financial Services Commission (JFSC) to provide Management Company (ManCo) solutions to Jersey funds, adding further to its offshore and onshore alternative fund servicing and management capabilities.
The award of the licence means that Crestbridge in Jersey will now be one of only a handful of firms able to act on behalf of fund managers as an appointed management company, provide risk management oversight, oversee delegation for portfolio management, central administration and distribution, and coordinate communication with third parties and regulators.
The innovative Jersey ManCo option is anticipated to be popular amongst promoters who are familiar with Jersey’s existing range of fund regimes and who wish to base their structures outside of the EU with a manager able to demonstrate real substance, which is essential in the current climate of regulatory reform, in light of BEPS and the greater focus on anti-avoidance generally. In addition, for promoters distributing into the EU via Private Placement, the Jersey option can also provide a quick and cost-effective AIFMD compliant registration process for Alternative Investment Funds.
The launch of Crestbridge’s Jersey ManCo service complements its existing well-used Luxembourg offering and means it can now provide ManCo services for a full range of regulated funds to support both onshore and offshore distribution. Crestbridge in Luxembourg was one of the first to be granted AIFM licensing to become a provider of ManCo services to AIFs.
In tandem with the launch of its Jersey ManCo service, Crestbridge has continued to strengthen its alternative funds capabilities with the appointment of Miranda Lansdowne as Director.
Based in its Jersey office, Miranda will draw on her vast experience of the onshore and offshore alternative investment funds landscape to lead the development and growth of Crestbridge’s Jersey ManCo business. With a career in financial services that spans more than 20 years, 13 of those specifically in a funds environment, Miranda brings considerable knowledge and experience to the firm, having held several senior positions in a fund administration capacity in Jersey and Luxembourg. Most recently, she was Managing Director of the Luxembourg office of a well-known fund and corporate service providers, and also held the role of Group Director of Fund Services at the firm’s Jersey office.
With particular expertise in the alternative asset classes across the Channel Islands, Luxembourg and the UK, Miranda has considerable experience in the global private equity space, frequently providing managers with specialist fund servicing support for high value structures. She holds the IoD Certificate in Company Direction and a Postgraduate Diploma in Law, as well as the STEP Diploma in Offshore Trust Management.
Commenting on the new licence, Miranda said: “Delegating the day-to-day management of a fund to an external agency has proven to be highly effective for some managers in a European context. We believe that the Jersey ManCo model can offer a credible and cost-effective alternative for managers, such as those based in the US and Asia, wishing to access European and non-EU markets, without having to establish their own internal management entity.
“With more than 120 staff in Jersey, including professionally qualified and highly experienced investment fund professionals, risk managers and compliance specialists, Crestbridge offers the infrastructure, systems and dedicated personnel ‘on the ground’ to provide governance and substance solutions to a wide range of structures and with specific expertise in administering and managing real estate and private equity, we are well positioned to offer a compelling proposition for fund managers.”
Graeme McArthur, CEO, Crestbridge added: “We’re excited to have Miranda join the Crestbridge team here in Jersey. Her understanding and knowledge of the Channel Islands and Luxembourg markets, combined with her global expertise in alternative investment funds, will be invaluable as we look to extend and enhance our capabilities from Jersey and Luxembourg, and in particular drive the growth of our new Jersey ManCo option.”