Guernsey vehicle is first LSE-listed SPAC since new rules

The first special purpose acquisition company (SPAC) to be listed on the London Stock Exchange since new rules came into force has been completed using a Guernsey vehicle. Guernsey-incorporated SPAC Hambro Perks Acquisition Company (HPAC), sponsored by tech-focused venture capital group Hambro Perks, has listed on the LSE Main Market segment and has raised £150 million through its initial public offering, which was oversubscribed, to invest in a business operating in the tech-enabled sector in the UK, EEA or Switzerland. Hambro Perks opted to list HPAC on the LSE after the Financial Conduct Authority reformed the Listing Rules in August, which previously required SPACs raising at least £100 million to suspend trading when an acquisition was announced – a regulation seen as an obstacle to the use of the vehicles in the UK compared to other jurisdictions, such as the US.

Sanne completes purchase of PraxisIFM’s funds business

Sanne’s Guernsey office is set to expand with the purchase of PraxisIFM’s funds business now completed. The £54 million all-cash deal was originally announced in July but has now received regulatory approval, and sees alternative assets and corporate services provider Sanne Group plc acquire the Fund Administration division of PraxisIFM – which is listed on The International Stock Exchange, headquartered in Guernsey. PraxisIFM will concentrate on growing and developing its core divisions of Private Wealth and Corporate Services, continuing to invest in technology.

Guernsey is home for first use of blockchain for private equity market

The investment fund industry’s first deployment of blockchain technology for the private equity market will ‘enhance Guernsey’s reputation’ as a leading private equity hub, Northern Trust has said. Fintech company Broadridge Financial Solutions Inc. and Northern Trust have announced that Emerald Technology Ventures will utilise the Broadridge Private Market Hub Ecosystem to increase visibility and reduce transaction friction to interact in real time on all Guernsey-domiciled funds.

Funds forum – key takeaways

In case you weren’t able to join us at the 2021 Guernsey Funds Forum, we’ve put together some of the key points that were discussed during a fascinating and informative session that sought to explore the future direction of the funds industry, under the central theme of “Building Tomorrow”. Is ‘corporation-zero’ a more realistic strategy than corporate transformation? The speed, impact and breadth of innovation that we will see in the next decade will be greater than in the previous history of humanity. However, most transformation projects fail and consequently, there is increased interest in ‘corporation zero’ - starting from scratch rather than trying to compete through transformation.