Conyers Bermuda Corporate Practice Group 2015 Year in Review
2015 was another active year for the Conyers Bermuda corporate practice. Our workflow paralleled trends in the global markets, which were characterised by a buoyant M&A sector and a skittish Capital Markets environment. Our continued ability to win mandates on the highest profile transactions in the jurisdiction has resulted in our maintenance of top tier rankings in leading legal directories. This Year in Review highlights these trends and other notable transactions completed by our Bermuda corporate practice in 2015. We are grateful to our clients and international legal advisors we work with and look forward to building our relationships with you in the coming year.
2015 was another active year for the Conyers Bermuda corporate practice. Our workflow paralleled trends in the global markets, which were characterised by a buoyant M&A sector and a skittish Capital Markets environment. Our continued ability to win mandates on the highest profile transactions in the jurisdiction has resulted in our maintenance of top tier rankings in leading legal directories.
This Year in Review highlights these trends and other notable transactions completed by our Bermuda corporate practice in 2015. We are grateful to our clients and international legal advisors we work with and look forward to building our relationships with you in the coming year.
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Funds<br />
<strong>Bermuda</strong>’s re-emergence <strong>in</strong> the <strong>in</strong>vestment fund <strong>in</strong>dustry cont<strong>in</strong>ued <strong>in</strong> <strong>2015</strong>. The Island’s Insurance-L<strong>in</strong>ked<br />
Securities (“ILS”) sector which <strong>in</strong>cludes ILS <strong>in</strong>vestment fund structures had a record-sett<strong>in</strong>g performance,<br />
which resulted <strong>in</strong> a record number of new ILS issuances. The value of these securities listed on the <strong>Bermuda</strong><br />
Stock Exchange topped US$19 billion, an <strong>in</strong>crease of 28% over 2014 (see graphics below).<br />
In <strong>2015</strong>, our funds team supported new legislative <strong>in</strong>itiatives and<br />
lobby<strong>in</strong>g activities, which have effected change and ultimately<br />
marketability of <strong>Bermuda</strong> fund vehicles on a global stage.<br />
Work<strong>in</strong>g alongside government and bus<strong>in</strong>ess partners <strong>in</strong><br />
<strong>Bermuda</strong>, we have advised on revisions to the Limited Partnership<br />
Act and the new Contracts (Rights of Third Parties) Bill. In<br />
conjunction with the <strong>Bermuda</strong> Bus<strong>in</strong>ess Development Association,<br />
we have supported the Regulatory Compliance Association<br />
through speak<strong>in</strong>g engagements and <strong>in</strong>formational sessions.<br />
This new wave of “boots on the ground” further underscores the<br />
successful efforts of the Government of <strong>Bermuda</strong> and <strong>in</strong>dustry <strong>in</strong><br />
attract<strong>in</strong>g global asset management players to domicile their<br />
operations <strong>in</strong> <strong>Bermuda</strong>, given its bus<strong>in</strong>ess friendly environment,<br />
vibrant <strong>in</strong>frastructure and ease of migration. The Firm has also<br />
assisted a significant number of <strong>in</strong>vestment managers with<br />
respect to <strong>in</strong>clud<strong>in</strong>g <strong>Bermuda</strong> entities with<strong>in</strong> their management<br />
structures. MENA based <strong>in</strong>vestment managers have been<br />
particularly <strong>in</strong>terested <strong>in</strong> the value proposition offered by<br />
<strong>Bermuda</strong> and the ease of set up.<br />
BERMUDA ILS ISSUANCES<br />
UK Investment Firm Launches Innovative Fund Aimed at<br />
Eco-Savvy Investors<br />
60<br />
50<br />
40<br />
30<br />
20<br />
25<br />
36<br />
58<br />
<strong>Conyers</strong> advised a lead<strong>in</strong>g UK <strong>in</strong>vestment firm on its launch of a<br />
<strong>Bermuda</strong> <strong>in</strong>vestment fund <strong>in</strong>novatively aimed at eco-savvy<br />
<strong>in</strong>vestors. The fund follows an <strong>in</strong>vestment mandate of <strong>in</strong>vest<strong>in</strong>g<br />
<strong>in</strong> carbon credits with its <strong>in</strong>vestment consideration be<strong>in</strong>g the<br />
protection, regeneration and restoration of forests, peat lands<br />
and natural habitats while generat<strong>in</strong>g impressive returns to<br />
<strong>in</strong>vestors.<br />
10<br />
0<br />
3<br />
YR 2010<br />
8<br />
YR 2011<br />
11<br />
YR 2012<br />
YR 2013<br />
YR 2014<br />
YR <strong>2015</strong><br />
ILS & CAT BONDS LISTED ON BSX<br />
20<br />
HIGHLIGHTED TRANSACTIONS<br />
Advis<strong>in</strong>g Investment Managers on their Migrations to<br />
<strong>Bermuda</strong><br />
<strong>Conyers</strong> advised a number of <strong>in</strong>vestment managers based <strong>in</strong> the<br />
UK, US and S<strong>in</strong>gapore with respect to their migrations to<br />
<strong>Bermuda</strong> and establishment of physical premises on the Island.<br />
15<br />
10<br />
5<br />
0<br />
9.713<br />
BIL<br />
YR 2013<br />
15.912<br />
BIL<br />
YR 2014<br />
19.21<br />
BIL<br />
YR <strong>2015</strong><br />
5
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