The Black Sea Property Fund Limited has appointed Ipes Jersey to provide administration services for its AIM listed fund.
Incorporated in Jersey, and operating in Bulgaria, the AIM listed fund makes investments in the development, financing and sale of residential property in Bulgaria.
“In today’s challenging environment our investors are concerned with how the fund is managed from a corporate governance perspective” says Andrew Wignall, a Director of the Fund.
“Working with a professional third party gives our investors confidence in the compliance and due diligence processes applied to the fund. We selected Ipes based on their expertise in administering complex fund structures and their track record” he continues.
Ipes won the mandate following a tender process involving a number of administrators to provide a broad range of fund administration services to The Blacksea Property Fund Limited. These include safekeeping for its Jersey and Bulgarian based SPVs and the operation of the fund’s bank accounts.
Andrew Mason, Managing Director of Ipes Jersey, says “In the post-Madoff environment a fund manager’s ability to demonstrate a rigorous approach to corporate governance is essential to the success of their funds.”
“Ipes brings to the table an 11 year track record in administering fund structures across the alternative asset classes” continues Mason. “We are pleased to support The Blacksea Property Fund Limited as it continues to manage its investments in the Bulgarian property market in order to optimise their value.”
Ipes Jersey was established in January 2008 and quickly developed local and international business relationships and a solid client base. This has enabled it to achieve substantial growth, despite the economic downturn. Working with the Blacksea Property Fund builds on this success and underpins the company’s credentials in the Real Estate Funds sector.