Carey Olsen has the second largest market share for providing legal advice to funds based in the Channel Islands, according to Thomson Reuters’ Lipper statistics report.

Lipper’s Fund Encyclopaedia states that as at June 2010 Carey Olsen advised 1,191 funds in the Channel Islands, both domiciled and non-domiciled, with assets totalling over US$174bn.

Carey Olsen is ranked the number one legal adviser in Guernsey both by total number of funds and by total fund assets under administration while Carey Olsen in Jersey is the second largest legal adviser by value of funds.

The results come after a year of strong growth for the pan-island funds team led by partners Eve Kosofsky and Edward Quinn in Jersey and partner Graham Hall in Guernsey, and which now features over 40 fee-earners across both Islands, of which 11 are partners.

Eve Kosofsky said of the results: “Our pan-island fund practice is going from strength to strength and these latest figures demonstrate that. The deals we have worked on clearly show the high level of expertise present in the funds team and represent a solid track record of funds work in both islands.

“We’ve also been expanding the team, with several new hires and promotions in both islands, including the promotion of Robert Milner to partner and Daniel O'Connor to of counsel in Jersey, as well as the appointment of a corporate partner in London, James Mulholland, who recently joined us from the London private equity team of O'Melveny & Myers.”

Since 1995, Lipper’s annual report has been regarded as the key point of reference for the fund sectors in Luxembourg, Dublin, Jersey and Guernsey. Each guide provides a complete and precise reference on all promoters, administrators, custodians, auditors and legal advisers, their client lists and market shares.