Northern Trust in Guernsey has been selected to provide fund
administration services for the fund platform managed by Earth
Capital Partners (ECP).
ECP is a new investment business with a specialist focus on
environmental investment and with an objective to raise US$5bn into
the fund platform over the next five years.
The new platform has the opportunity to launch a series of
closed end investment vehicles invested in such sustainable
projects as solar power, waste-to-energy, southern hemisphere
agriculture and may also provide financial backing for companies
developing new environmental technologies.
Referring to the selection of Northern Trust, Rufus Warner ECP
LLP's Chief Executive, said, "In selecting a fund
administrator we were specifically looking for proven expertise in
administering a range of hybrid funds. Products in sustainable
development are a new and exciting area of assets and Northern
Trust has demonstrated the fund administration capabilities that
respond to our unique requirements."
ECP LLP, chaired by Stanley Fink, was launched in late 2008. At
the launch event, Mr Fink described the partnership's objective
as "to deliver attractive returns to our investors by
investing in projects, companies and financial instruments, which
address sustainable development challenges, such as climate change,
water scarcity and energy security." The Guernsey-domiciled
ECP Renewables Fund is one of the first investment structures to be
launched to reflect those goals.
Kate Stallard, head of private equity, infrastructure and real
estate sales at Northern Trust, said, "We are delighted to be
working with Earth Capital Partners on this initiative addressing a
growing need to engage in environmental solutions. As an
experienced fund administrator, Northern Trust understands the
complex nature of administering alternatives, particularly in
intangible assets and looks forward to bringing this experience to
bear in this new relationship."
Northern Trust provides a comprehensive range of fund
administration solutions for conventional funds and alternative
asset classes including hedge funds, fund of funds, property funds,
private equity, infrastructure and agriculture. It supports
multiple fund structures across multiple jurisdictions including
the UK, USA, Ireland, Luxembourg, Jersey and Guernsey. Northern
Trust also offers relating banking, trustee and custody services
which can be tailored to support evolving business needs.
Probably the most significant change from previous practice in Guernsey law under the Companies (Guernsey) Law 2008, which came into effect on the 1 July 2008, was the consignment to history of the concept of capital maintenance, which was discarded in favour of a solvency model as the basis of a company’s ability to pay distributions and dividends.
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