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TISE listing is a first for ADGM funds industry

Monday, 04 May 2020

The International Stock Exchange (TISE) has become home to the first fund established in the Abu Dhabi Global Market (ADGM) to be listed on a recognised European stock exchange.

The Opus Global Growth Fund PC is a cell of the open-ended Protected Cell Company (PCC), The Freedom Advantage Funds OEIC PCC Limited. The structure has been established under the laws of ADGM in the United Arab Emirates.

The fund’s investment manager is Freedom Asset Management Limited, Middle East Branch, which is regulated by ADGM’s Financial Services Regulatory Authority (FSRA) and is a branch of Guernsey-headquartered Freedom Asset Management Limited.

Adrian Harris, Principal of Freedom, said: “I am delighted that we have been able to list this fund on TISE. Establishing the fund in ADGM was attractive to some of our cornerstone investors, but listing on a recognised European stock exchange, such as TISE, is important for both those seeding the fund and also those we are seeking to bring on board. The listing on TISE provides the extra comfort to investors of an additional regulatory stamp of approval and, as the Exchange is also widely recognised by authorities, it widens and deepens investor access.”

The Opus Global Growth Fund PC aims to achieve significant long-term capital appreciation by investing in a portfolio of liquid UCITS, listed equities, alternative investment funds and hedge funds. The fund may also enter into other financial services transactions, as well as investing in cash, money markets or fixed interest securities, directly or through funds.

“The listing on TISE provides the extra comfort to investors of an additional regulatory stamp of approval and, as the Exchange is also widely recognised by authorities, it widens and deepens investor access.”

Fiona Le Poidevin, CEO of The International Stock Exchange Group Limited (TISEG), said: “It is very pleasing that TISE has yet again become home to another ‘first’. Our responsive approach to new initiatives, such as this fund, means that we are consistently chosen as a listing venue for innovative products. This is another example of where TISE is playing a key role in facilitating flows of capital internationally, not least at a time when the global economy is struggling in view of the impact of COVID-19.”

Two classes of the fund have been listed on TISE. The C Class has a minimum subscription of $100,000 and is aimed at private clients and professional investors and the I Class has a minimum subscription of $1 million and is aimed at institutional investors.

The Listing Sponsor for the admission to, and ongoing presence on, TISE’s Official List is Collas Crill Listings Limited.

Paul Wilkes, Director at Collas Crill Listings Limited, said: “We are delighted to have been able to help bring this fund to TISE. The unique and international nature of this listing demonstrates the range of services and expertise on offer from Collas Crill. We look forward to continuing to support Adrian and his team in the future.”

“This is another example of where TISE is playing a key role in facilitating flows of capital internationally, not least at a time when the global economy is struggling in view of the impact of COVID-19”

Mr Harris added: “Establishing the fund in ADGM was new for us, but it was important to some of our investors and I am sure that achieving this milestone will be hugely important for the ADGM fund industry. There is a lot of commonality between the regime which we have used previously in Guernsey and what we have been working with in ADGM so that has made it easier to set up our office and structure the fund. I think that each of Guernsey and ADGM has a role to play going forward, but what that is may depend on specific circumstances. We see a lot of opportunity for more firms to work across both jurisdictions in the future, which I hope will build bridges and will be mutually beneficial in terms of increased business flows.”

For more information please contact us.
Fiona Le Poidevin
Fiona Le Poidevin
CEO & Director, TISEG
Ben Snook
Ben Snook
Senior Manager, Listings