Amid expectations of an increase in offshore legal work in Singapore, particularly with regard to distressed hedge funds, debt restructuring, and public-to-private deals, Walkers has transferred senior funds attorney Laura Rogers from its Hong Kong office to build on the team already in place in Singapore.
They write in their press release:
Walkers anticipates that investment funds clients in Asia may soon start to face the same types of issues regarding illiquidity problems, restructuring, and the potential liquidation of funds that the firm has seen with its clients in Western markets and is adding staff to ensure that its new and existing clients in Singapore are well served.
"Liquidity issues and extreme levels of redemption requests for funds are currently less severe in Asia than the US and Europe have encountered," said Ashley Gunning, joint managing partner of Walkers’ Singapore office and head of the investment funds group. "However, we anticipate these problems may arrive in Asia in due course if markets continue to deteriorate. It is quite possible that the impact in Asia will be less severe than it has been elsewhere because Asian funds tend to be less leveraged and generally have less complex investment strategies than funds in, for instance, the US. However, in anticipation of challenging times we wanted to be sure we had the right team in place."
Ms. Rogers has worked extensively with funds clients and on other corporate transactions in Hong Kong and Singapore, bringing more than seven years of experience as an attorney in Asia. She specialises in hedge funds, private equity funds, and providing general corporate advice and previously worked in Walkers’ Hong Kong office. Prior to joining Walkers, she worked with Allen and Overy, joining their London office in 1999 and moving to Hong Kong in 2001.
"Laura brings valuable expertise in all aspects of funds work, as well as specific experience working in Southeast Asia," Mr. Gunning added. "Despite, or even because of, the current economic climate, we are still seeing a number of new fund launches in Singapore, both from existing and new players in the market. It is now more important than ever that funds are structured from the start with contingencies for stressed market conditions. Walkers’ clients receive the benefit of the expertise our team has accumulated working with clients around the world in these more turbulent times."
"With the investment funds industry at such a critical stage, it is a particularly exciting time to join the new office in Singapore," Ms. Rogers commented. "I am very much looking forward to getting down to business and helping our clients navigate the current difficult conditions. With the right approach and the modern innovative techniques we have at our disposal to manage illiquidity, I am confident that we can deal with any situation arising as a result of these uncertain markets."
Walkers’ Singapore office, offering both British Virgin Islands and Cayman Islands legal services opened for business on February 2, 2009. Walkers added the office in response to a significant demand for offshore legal and corporate services both within Singapore and elsewhere in the Association of Southeast Asian Nations region. The Singapore office works seamlessly with Walkers’ Hong Kong office, where there are approximately 20 practising lawyers.
About The Walkers Group
The Walkers group is comprised of leading offshore law firm, Walkers; fund services provider, Walkers Fund Services Limited; and SPV and corporate services providers, Walkers SPV Limited, Walkers Corporate Services Limited and Walkers (BVI) Limited.
Walkers was recently named "Offshore Law Firm of the Year 2009" by PLC Which Lawyer? and "Top Offshore Law Firm 2008" by Alpha Magazine. Walkers was also named "Offshore Law Firm of the Year" at the Asian Legal Business Hong Kong Law Awards in 2007 and 2008. In 2006, Walkers was named as The Lawyer’s Offshore Law Firm of the Year, the PLC Which Lawyer? Yearbook Leading Cayman Islands Law Firm and was one of two firms honoured as "Offshore Legal Team of the Year" by the Society of Trust and Estate Practitioners (STEP). Walkers was named the Who’s Who Legal Law Firm of the Year: Cayman Islands for 2006 and 2007.
For more information on the Walkers group, www.walkersglobal.com
