A recently established Guernsey incorporated fund has raised millions of pounds to invest after it completed a double admission.

A recently established Guernsey incorporated fund has raised millions of pounds to invest after it completed a double admission.

JPMorgan Progressive Multi-Strategy Fund secured £25 million after its shares started simultaneously trading on AIM and the official list of the Channel Islands Stock Exchange.

The closed-ended fund, which has an unlimited life, raised the capital after its shares were valued at 100p each.

The Guernsey incorporated vehicle is managed by JPMorgan Asset Management (UK). Its directors subscribed for £60,000 worth of shares.

The admissions were managed by nominated adviser and broker Shore Capital, which was advised throughout the process by law firm Rosenblatt.

Rosenblatt’s team was led by Jon Lovitt, who said: “This is one of a number of fundraisings and IPOs which Rosenblatt has acted on in the last year or so for pure funds.”

The fund has been established to provide investors with exposure to a diversified range of asset classes which may include, but which is not limited to; equities, fixed income securities, money market instruments, real estate property, hedge funds and other alternative asset classes, on a worldwide basis.