Guernsey-registered fund Tufton Oceanic Assets Ltd has completed an initial public offering on the London Stock Exchange.

Trading on the specialist fund segment of the LSE's Main Market, the fund's initial placing raised $91 million to be invested in a diversified portfolio of commercial sea-going vessels. Tufton Oceanic Ltd, its investment manager, has been a specialist fund manager in the maritime and energy markets since 2000 and has been focused on financial services to these industries since inception in 1985.  Lawyers from Carey Olsen, including partner Ben Morgan and senior associate John Scanlan advised Tufton Oceanic on the Guernsey legal aspects of the IPO.

"The current global shipping market presents some attractive opportunities for a company with the knowledge and expertise of the manager, so we're delighted that Carey Olsen was able to assist them with this innovative listing," said Mr Morgan.

Tufton Oceanic Assets is the company's first venture into public markets for an asset-based shipping fund, and the first pure commercial shipping venture to launch on the LSE's Specialist Fund Segment.

"To achieve this landmark placing we needed first class professional support from all of our third party service providers. To this end, Carey Olsen has played a vital role in providing the local legal advice and for ensuring that the launch went ahead smoothly, on plan and in compliance with all relevant requirements," said Andrew Hampson, Managing Director of Tufton Oceanic.

The latest Corporate Advisers Rankings Guide ranked Carey Olsen fourth globally for the number of LSE-listed clients it advises. This IPO brings the total of London Stock Exchange listed clients represented by Carey Olsen to 99.

"Fund managers feel comfortable using Guernsey not only because of the quality and experience of the island's non-executive director community but also the excellent governance infrastructure adopted by Guernsey administrators," Mr Morgan added. "The fact that Carey Olsen now sits comfortably in the top five for the total number of London stock market clients alongside some of the largest onshore law firms is testament to that."

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