Maples Advises on First Limited Partnership Migration into Jersey
Maples and Calder, the Maples Group’s law firm, is pleased to have acted on the successful migration of a foreign limited partnership into Jersey. This transaction, being the first of its type following the introduction of a statutory regime to permit such migrations earlier this year, also involved the migration of the LP’s general partner, as well as the registration of the LP as a Jersey private fund.
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A team based in the Group’s law firm in Jersey provided Jersey counsel on this novel transaction and comprised Chris Byrne, Simon Hopwood and Mark Crichton. The team worked closely with the fund’s administrator, IQ-EQ on this transaction which was led by head of private wealth, Jersey Jennifer Le Chevalier and head of funds Jersey, Malcolm McCleod.
Commenting on the transaction, Mark Crichton said, “We are very proud to have advised our longstanding client on this novel transaction that truly demonstrates the firm’s exceptional capabilities to act on complex cross-border transactions, and in this particular matter included the coordination of seven regulatory applications across two jurisdictions. There are many good reasons why a fund structure may choose to form in or migrate to Jersey, and our team offers market-leading transactional experience along with an unrivalled geographical reach, for any new or existing structure considering its choice of domicile.”
Jennifer Le Chevalier commented: “IQ-EQ is delighted to have been involved with the very first migration of a foreign limited partnership to Jersey, providing director and designated service provider services to meet the requirements of this watershed mandate. Since the introduction of the statutory regime in July 2020, at IQ-EQ we have already seen significant interest among our clients in using this regime to migrate to Jersey and we anticipate a lot more activity in this space in the months ahead.”