The first inbound migration to use the Guernsey Financial Services Commission's new fast-track application regime for managers of overseas funds has taken place.

The fund management firm in question was VinaCapital Investment Management Ltd, ably assisted by the law firm of Carey Olsen. Established in 2003, VinaCapital is a Vietnamese investment management and real estate development firm, with a diversified portfolio of US$3 billion in AuM.

The decision to migrate its licence and registration to Guernsey replicates the migration of the VinaCapital-managed VinaCapital Vietnam Opportunity Fund, which itself migrated from the Cayman Islands to Guernsey in 2016 as part of its move from AIM to the main market of the London Stock Exchange.

Brook Taylor, the man in charge of asset management at VinaCapital, described the application process as "extremely simple and straightforward." Carey Olsen believes the registration to be the first of many.