Investment funds team acts on launch of listed shipping fund

3 minute read
20 December 2017

Gowling WLG's top ranked investment funds team acted on the launch of Tufton Oceanic Assets Limited ("Tufton Oceanic").

Tufton Oceanic will invest in a diversified portfolio of second-hand commercial sea-going vessels. Its assets will be managed by Tufton Oceanic Ltd, a specialist fund manager in the maritime and energy markets which has, since 2013, invested circa US $965 million of capital into 54 vessels and, as at 30 June 2017, has circa US $1.3 billion of assets under management.

Tufton Oceanic raised $91 million by way of a placing and offer for subscription in conjunction with the admission of its share capital to the Specialist Fund Segment of the London Stock Exchange's Main Market for listed securities. Admission occurred on 20 December 2017.

The Gowling WLG team was led by investment funds partner Nick Heather who was assisted by associates Emily Troubridge and Kate Seabourne and tax partner Michael Murphy.

Nick Heather said: "We are very pleased to have acted on the first listed fund for Tufton Oceanic Ltd. It is a very bespoke asset class but the experience of the investment manager will facilitate an opportunity for investors to access it. The investment manager intends to grow the fund substantially and we very much look forward to working with them in the future."

Commenting on the role played by the Gowling WLG team Andrew Hampson, managing director of the investment manager, said: "Whilst the Specialist Funds Segment has been quite active over recent years in a number of asset classes, this is the first pure shipping fund to launch.

"Gowling WLG's experience in the SFS market has been essential in order for us to complete the placing in an efficient and professional manner. Tufton has a long experience in managing shipping investment as an asset class in the private markets and we look forward to working with Gowling WLG in the future in the public arena."

Gowling WLG's leading investment fund team (Tier 1 Legal 500) has a strong reputation for closed end listed funds advising insurers, investment management houses and the investment banks and brokers that advise them. It brings together experts in tax, corporate, finance, regulatory and dispute resolution to provide a full legal service to its clients.

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