Managers will find it much easier to migrate limited partnership fund structures to Jersey, following a recent change to the Limited Partnership (Jersey) Law 1994.
The new legislation, which came into force in July, makes it quicker and easier to move a fund and keep it as the same legal entity. The tweaks to the legislation will enable lawyers to give a solid legal opinion as to the validity of the migration of a limited partnership into Jersey from elsewhere - providing greater legal certainty for managers and investors.
The move puts Jersey in line with the laws of other jurisdictions that have made it easier to migrate fund structures. It is expected to increase interest in Jersey as a jurisdiction from private equity and other alternative managers wanting to restructure their funds.
Commenting on the new Limited Partnerships (Continuance) (Jersey) Regulations 2020, Andrew O' Shea, Global Head of Fund Services for TMF Group, said: "Managers looking to migrate their structures from elsewhere in a quick, cost-effective way, can take advantage of Jersey's clear guidance and updated legislation. We believe that this clarity will attract fund managers faced with an increasingly complex, global alternative funds environment.
"Jersey offers stability, highly-skilled service providers and a strong track record in corporate governance. This, coupled with the ability to offer certainty around substance and its 'whitelisted' status, is seen as a real positive for this jurisdiction."
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