Investec Asset Management has migrated and re-domiciled a US$1.2 billion fund from Ireland and Guernsey due to the Alternative Investment Fund Managers Directive (AIFMD).

The re-domiciliation of Investec International Funds, a $1.2 billion fund of funds unit trust, took effect in July 2014 and involved all legal and regulatory aspects, including investors', Irish Central Bank and Guernsey Financial Services Commission (GFSC) approvals.

There are also approvals and changes to the fund documentation to remove the fund from Ireland and authorise it as a Guernsey Class B open ended Unit Trust.

Grant Cameron, Managing Director of Investec Asset Management Guernsey Limited, said: "We are very pleased with the ease with which this re-domiciliation process was managed given the complexities involved; some of the work performed on the re-domiciliation was ground breaking."

Mourant Ozannes advised Investec Asset Management Guernsey Limited on the migration, which the law firm said capitalises on Guernsey's flexible regime when it comes to the domiciliation of funds due to its location outside of the EU. Not only does Guernsey offer a dual regulatory regime in respect of AIFMD, it can also service funds that are out of scope of that European legislation.

The matter was led by Guernsey Corporate Partner Gavin Farrell, assisted by Associate Dylan Latimer.

Mr Farrell said: "We are delighted to have assisted in the inward migration of an established structure to take advantage of all the benefits Guernsey has to offer as a well-recognised jurisdiction for such structures outside the EU."

Mourant Ozannes has a longstanding relationship with Investec Asset Management and earlier this year advised the firm on the launch of the Guernsey-domiciled closed ended Investec Africa Private Equity II Fund, which will seek influential minority or control equity investments in established mid-market African companies across industries and geographies including relatively under-invested African countries.

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