Hedge fund manager BlueCrest has become the first firm to register a Limited Liability Partnership (LLP) in Guernsey.

The Limited Liability Partnerships (Guernsey) Law, 2013 came into force on Tuesday (13 May) and on the same day BlueCrest Holdings LLP became the first Guernsey LLP to be incorporated by the Guernsey Registry.

BlueCrest has been advised by Guernsey law firm, Carey Olsen, through Corporate Partner, Tom Carey, and Senior Associate Adrian Sarchet.

Mr Carey said: "BlueCrest was one of the first businesses to recognise the benefits of having a Guernsey LLP in their structure and we are proud to have assisted them with this historic first. This further cements BlueCrest's presence in Guernsey following its migration in 2010.

"Carey Olsen has been at the forefront of advising clients on the new LLP Law and has developed the documentation necessary to provide an efficient incorporation service. Unlike other jurisdictions Guernsey LLPs can be used for professional businesses, investment vehicles and asset-holding vehicles."

BlueCrest is one of Europe's largest hedge fund managers with Bloomberg reporting earlier this year that the firm has US$32 billion of assets under management.

For more information about Guernsey's finance industry please visit www.guernseyfinance.com.

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