Carey Olsen's Guernsey office has advised Tufton Oceanic Assets Limited, a Guernsey registered fund, on the successful completion of its initial public offering (IPO) on the London Stock Exchange (LSE).

Trading on the Specialist Fund Segment of the LSE's Main Market, the Fund's initial placing raised $91 million and will see it invest in a diversified portfolio of commercial sea-going vessels. Tufton Oceanic Limited, its investment manager, has been a specialist fund manager in the maritime and energy markets since 2000 and has been focused on financial services to these industries since its inception in 1985.

Carey Olsen's team included partner Ben Morgan and senior associate John Scanlan who advised Tufton Oceanic Limited on the Guernsey legal aspects of the IPO.

"The current global shipping market presents some attractive opportunities for a company with the knowledge and expertise of the Manager, so we're delighted that Carey Olsen was in a position to assist them with this innovative listing," said Mr Morgan.

Commenting on the role played by the Carey Olsen team, Andrew Hampson, managing director of Tufton Oceanic Limited, said: " Tufton Oceanic Assets Limited is not only our first venture into the public markets for an asset based shipping fund but also the first pure commercial shipping venture of any kind to launch on the Specialist Fund Segment of the LSE.

"To achieve this landmark placing we needed first class professional support from all of our third party service providers. To this end, Carey Olsen has played a vital role in providing the local legal advice and for ensuring that the launch went ahead smoothly, on plan and in compliance with all relevant requirements. We look forward to working with Carey Olsen in the future as we continue to grow Tufton Oceanic Assets Limited."

News of the IPO follows the publication of the latest Corporate Advisers Rankings Guide, which reports that Carey Olsen now ranks fourth globally for the total number of LSE listed clients it advises. Improving on its position of fifth from the previous quarter, the offshore law firm now sits behind only Slaughter and May, Herbert Smith Freehills and Pinsent Masons in the rankings.

The rankings also show that with a total of 98 LSE listed clients, Carey Olsen has more than double the number of the next nearest offshore law firm.

Mr Morgan said: "As demonstrated by Tufton Oceanic's IPO, Carey Olsen remains the go-to offshore law firm for London Stock Exchange listings. The IPO would also bring the total of London Stock Exchange listed clients represented by Carey Olsen to 99.

"Fund managers feel comfortable using Guernsey not only because of the quality and experience of the island's non-executive director community but also the excellent governance infrastructure adopted by Guernsey administrators. The fact that Carey Olsen now sits comfortably in the top five for the total number of London stock market clients alongside some of the largest onshore law firms is testament to that."

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