Walkers Expands Funds Team in Jersey Office

ST. HELIER, Jersey - Expansion in Response to Demand for Specialist Fund Expertise

Walkers, the global offshore law firm of choice for leading financial market participants and international law firms has expanded in Jersey with the addition of two highly qualified attorneys from its London office to meet the increased demand for specialist expertise related to private equity and hedge funds work in the jurisdiction. Ian Gobin has been named the new Head of Private Equity for Jersey and Charles Lee joins Walkers’ Jersey investment funds team.

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Jersey was recently named as one of the jurisdictions on the OECD “white list”, which recognises financial centres that have substantially implemented the internationally agreed tax standard. Jersey’s position on the list reaffirms that its tax regime meets the highest standards of transparency and regulation, and is expected to bolster Jersey’s reputation as a hub for investment funds and structured finance vehicles. The OECD recognition, combined with the current turbulence in financial markets, presents specific opportunities and challenges to fund managers.

“Both Charles and Ian posses highly-specialised skills and bring a wealth of experience to Jersey, which will allow them to provide creative solutions to the issues that our funds and private equity clients face in the current economic climate,” commented Heather Bestwick, Managing Partner of Walkers’ Jersey office. “With very senior attorneys covering the range of practice areas in Jersey, our clients can rely on sensible and commercial advice, while ensuring that all eventualities are covered in these uncertain times.”

The shift away from more traditional fund formation work in favour of restructuring and enforcement work is one example of the current market dynamic, where Walkers is adding value for its Jersey client base.

“Many funds are suffering from liquidity issues or are taking pre-emptive action as the liquidity squeeze bites,” said Jonathan Heaney, a Partner and the Head of Walkers’ Hedge Funds Group in Jersey. “When funds feel the pinch, Walkers can add significant value due to our level of understanding and ability to respond quickly in order to meet client expectations in difficult circumstances.”

With more than eight years of experience in Walkers’ Grand Cayman and London offices, Mr. Gobin specialises in setting up and advising private equity funds and hedge funds. He also has widespread experience in a wide range of asset finance, structured finance and secured lending transactions, as well as corporate and commercial matters. Prior to joining Walkers, Mr. Gobin spent seven years with Clifford Chance in the UK, including three secondments with Morgan Stanley.

“We expect continued demand for specialist advice on investor-related issues, especially as conditions in the financial markets continue to change rapidly,” said Mr. Gobin. “Hedge funds have had to deal with large scale redemption requests and funds are revisiting their documentation and structures with a view to riding out this period of volatility. Walkers’ breadth and depth of experience makes us particularly well placed to service these needs.”

Mr. Lee joined Walkers’ London office in 2007, primarily focusing on hedge funds and private equity funds, as well as general corporate matters and structured finance transactions. Previously Mr. Lee worked as a solicitor in both London and Sydney.

“The addition of Charles and Ian also enhances the services that our highly experienced commercial litigation team offers. They both bring valuable insights into the non-contentious aspect of funds and restructuring work, ensuring that our clients have the best counsel whether their restructuring results in litigation, or remains an out-of-court transaction,” said David Steenson, Partner and Head of Litigation in Jersey.

Like the commercial litigation and investment funds groups, Walkers’ corporate and finance team in Jersey has also been very active due to the changes in the global financial landscape over the past 12 months. The finance team has been engaged in significant levels of restructuring work, particularly with regard to structured investment vehicles and other debt and equity structures.

“The first quarter of 2009 has seen a significant number of trading company insolvency instructions as well as advice on various security enforcement scenarios. Fringe financing instructions continue to dominate in the absence of the more traditional sources of funds, with the Jersey finance team handling a number of tax driven debt issuances, while redomiciliations continue to provide a strong source of work,” said James Gaudin, Partner and Head of Walkers’ Finance and Corporate Group in Jersey. “In addition, the team continues to advise on a large number of real estate portfolio restructurings and liquidations as well as repurchases and unwinds.”

Since opening the Jersey office two years ago, Walkers has built a full-service team with eight partners and 15 other fee earners, offering advice regarding the laws of Jersey, the Cayman Islands and the British Virgin Islands on finance, hedge funds, private equity, litigation, private client and trust work. Working closely with the team of 19 lawyers in Walkers’ London office and the firm’s other international locations, clients can be sure of receiving the most relevant and timely advice.

About The Walkers Group

From offices in the British Virgin Islands, Cayman Islands, Dubai, Hong Kong, Jersey, London, and Singapore, the Walkers group provides legal and management services to leading FORTUNE 100 and FTSE 100 global corporations and financial institutions, capital markets participants, investment fund managers, and growth- and middle-market companies.

The Walkers group is comprised of leading offshore law firm, Walkers; fund services provider, Walkers Fund Services Limited; and SPV and corporate services providers, Walkers SPV Limited, Walkers Corporate Services Limited and Walkers (BVI) Limited.

Walkers was recently named “Offshore Law Firm of the Year 2009″ by PLC Which Lawyer? and “Top Offshore Law Firm 2008″ by Alpha Magazine. Walkers was also named “Offshore Law Firm of the Year” at the Asian Legal Business Hong Kong Law Awards in 2007 and 2008. In 2006, Walkers was named as The Lawyer’s Offshore Law Firm of the Year, the PLC Which Lawyer? Yearbook Leading Cayman Islands Law Firm and was one of two firms honoured as “Offshore Legal Team of the Year” by the Society of Trust and Estate Practitioners (STEP). Walkers was named the Who’s Who Legal Law Firm of the Year: Cayman Islands for 2006 and 2007.

For more information on the Walkers group, visit us on the web at www.walkersglobal.com or contact us by e-mail at info@walkersglobal.com. To contact Walkers’ Jersey office by phone, call +44(0)1534-700-700.

For further information please contact: Megan Fox, Levick Strategic Communications for Walkers Direct line: +1-202-973-5308; Email: mfox@levick.com

Source: Walkers

Megan Fox, Levick Strategic Communications for Walkers, +1-202-973-5308, mfox at levick.com / https://www.newscom.com/cgi-bin/prnh/20090421/PH01849-a / https://www.newscom.com/cgi-bin/prnh/20090421/PH01849-b