Stonewood Wealth Management’s Family PIF Conversion

Bedell Cristin advised the Stonewood Wealth Management group in relation to the registration of one of its Guernsey open-ended registered collective investment schemes as a Route 3 private investment fund. The successful registration sees an existing PIF convert from a Route 1 (POI Licensed Manager) PIF to a Route 3 (Family Relationship) PIF by simultaneous de-registration and registration.

The PIF will continue to be managed by the Stonewood Wealth Management group, with the conversion allowing the management role to be transferred to its UK based manager, Stonewood Wealth Management LLP.

At the time of the PIF’s original registration in 2016, all PIFs were required to appoint a Guernsey manager licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987. The revised Private Investment Fund Rules 2021 have since created two new routes to PIF registration that do not require a Guernsey licensed manager, providing new flexibility for PIFs as to how they choose to structure their management. The first of the new routes, Route 2, is for “Qualifying Private Investors” (categorised as professional investors, experienced investors and knowledgeable employees) and the other new route, Route 3, is aimed at investors with a family relationship. 

Stonewood Wealth Management is an international wealth manager providing a range of wealth management solutions.

Bedell Cristin’s Associate, Mariam Mansoor, advised on all aspects of the legal and regulatory process for the conversion with partner, Richard Sharp (Picture).

Involved fees earner: Mariam Mansoor – Bedell Cristin; Richard Sharp – Bedell Cristin; Law Firms: Bedell Cristin; Clients: Stonewood Wealth Management LLP;

Author: Giulia Di Palma