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Merger to create fund administration


Turkey’s first clean-energy fund selects Ipes


CRESCENT Capital, a Turkey-based fund manager focused on clean energy and infrastructure, has appointed Ipes as the administrator for its Clean Energy Transition Fund (CETF), LP. The fund, which in September announced a first close and aims to reach a target amount of €200 million by the end of 2012, has attracted a total of €100 million in commitments from investors. CETF is Turkey’s first private equity fund focusing particularly on the energy sector. It


will target investments in renewable-energy generation projects predominantly in Turkey and South Eastern Europe. Aygen Yayıkoglu, the Founder and Managing Partner of Crescent Capital said: “Given


our investor base, an important element of our fundraising strategy was to establish the fund in a well regarded jurisdiction with credible partners. Ipes’ credentials in both the Turkish market and the clean-energy sector stood out. The team’s experience and support for us through the set up process was also an important factor in our decision.“ l


Guernsey funds industry grows


Figures issued recently show the value of investment fund business in Guernsey grew by £10.8bn (4.1 per cent) during the second quarter of this year. The increase represents the eighth consecutive quarter of growth and takes


the net asset value of funds under management and administration in the island to a record high of £274.5bn at the end of June 2011. This is a rise of £50.2bn (22.5 per cent) compared to the end of June 2010. The new figures from the Guernsey Financial Services Commission (GFSC) show that Guernsey-domiciled open-ended funds reached a net asset value of £59bn at the end of June, which was an increase of £5.7bn (10.7 per cent) year on year. The Guernsey closed-ended sector was valued at £122.3bn at the end of June – a rise of £28.3bn (30.1 per cent) compared to 12 months earlier. Non-Guernsey schemes, where some aspect of management, administration or


custody is carried out in the island, increased by £1.9bn (2.1 per cent) during the quarter, to reach £93.1bn at the end of June 2011, which is £16.2bn (21.1 per cent) higher than the value at the end of June 2010. l


stay on top of the latest business news from the Channel Islands at www.businesslife.co 6 businesslife.co October/November 2011


powerhouse TWO Guernsey firms are merging to create the largest independent fund administration business in the island. In the 50:50 deal, described as a merger of equals, Anson Fund Managers Limited and Bordeaux Services (Guernsey) Limited will join forces and trade under the Anson name. Peter Radford (below, left), of Bordeaux, who will become Chief Executive Officer of the merged entity, said that the move will provide critical mass and, importantly, enable the business to remain independent. Anson principal John Le Prevost (right) will become a Senior Director and Professor Richard Conder will become the new Chairman of Anson Group Limited. Bordeaux specialises in private equity


fund administration and open- and closed-ended funds, while Anson has a reputation for closed-ended work, including London-listed investment companies, limited partnerships and property and securitisation vehicles. Radford said: “We have both been


in the business for around 14 years, and we have grown as much as we can as individual businesses. We would rather be consolidators than consolidated. It’s possible that there are too many fund administrators in the marketplace and for us to develop to the next level, size is important.” Subject to all Guernsey and UK regulatory consents being obtained, the merger should be completed before the end of the year. l





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