Classic Car Fund Launched In Guernsey
Friday, January 21, 2011

International law firm, Mourant Ozannes has announced that it has played an advisory role in the creation of a unique USD150m Guernsey-domiciled fund that will invest in rare and classic cars.

The IGA Automobile Fund, which will invest in rare and limited production iconic cars including supercars such as Ferraris and Bugattis, will be the first to allow investors to benefit from increases in the value of classic cars. The fund manager, IGA Management Limited, has brought together a team of globally experienced automotive professionals to advise on the fund’s investment.

Mourant Ozannes provided legal advice on the establishment of the fund and its manager. The fund is targeting initial capital of USD50m and is hoping to raise up to USD150m in the future. The minimum investment is currently set at USD500,000.

The fund has already attracted high-profile involvement, including Nick Mason of Pink Floyd, and Gordon Murray, designer of the McLaren F1 car, both of whom are being appointed to the advisory board.

Paul Christopher, Partner of Mourant Ozannes’ Guernsey office, said: "The fact that a Guernsey structure was selected for it is a reflection of the flexibility of Guernsey’s funds regime. I am delighted that Mourant Ozannes was able to provide the Guernsey advice for such a unique fund, which is a further reflection of the specialist expertise of our Guernsey funds team."

Peter Niven, the Chief Executive of Guernsey Finance, said: "It is extremely pleasing to see that Guernsey is yet again home to a world first. The island’s finance industry has grown a reputation for innovation and no more so than our investment sector where the combination of flexibility and creativity provide an ideal environment for launching funds specializing in esoteric asset classes, such as iconic cars. The team at IGA Automobile LP have strong credentials and I wish them all the very best with this unique venture."