Wragge advise in launch of £100m fund
A NEW £100m fund prospectus has won approval by the Financial Services Authority after a complex project led by Wragge & Co.
The Birmingham legal firm’s funds and structuring team advised Stirling Mortimer Limited in gaining FSA approval for the prospectus. Now, the Cheltenham-based fund manager is able to launch its fund to a far wider distribution, including the UK public, through a network of independent financial advisers. Listed on the Channel Islands Stock Exchange (CISX), the fund is Stirling Mortimer’s tenth fund and the second to focus on distressed land in the UK.
Corporate partner Kevin Jones led the Wragge & Co team, assisted by financial regulation expert Penny Sanders and solicitor Suzette Shipton. The team worked closely with Stirling Mortimer directors Philip Bowman and Tim Clink.
Mr Jones said: “The team’s technical expertise and experience of complex financial services regulation was key in gaining FSA approval and compliance with the Guernsey Financial Services Commission. This is the second time we’ve secured FSA approval for Stirling Mortimer. Our long-established relationship with the client and understanding of its financial products ensured a seamless approach to achieving its objectives.”
Philip Bowman added: “As with our last UK land offering, I am confident that having FSA prospectus approval will give easier routes for distribution and therefore greater volumes of sales. Wragge & Co provided precise and straightforward advice to achieve this goal in as timely manner as possible.”
Stirling Mortimer offers financial products and overseas property investment opportunities aimed at institutions, sophisticated investors, high-net worth individuals and, through an extensive network of IFAs, the UK public. In June, Wragge & Co advised the investment company on securing FSA approval of the prospectus for its CISX-listed ninth fund investing in UK distressed land.
Wragge & Co’s dedicated Funds and Structuring team advises clients on all aspects of funds including tax, structuring, management, FSA regulation and international funds requirements.
