A HIGH-PROFILE fund worth $1.5bn has been brought to the island.

HSBC Securities Services (Guernsey) Ltd has been chosen to provide administration services for the award-winning Tufton Oceanic Hedge Fund, managed by Oceanic Investment Management Ltd, which itself is a subsidiary of Tufton Oceanic, a leading shipping investment house renowned for innovation in investment funds focused on the shipping and oil services industries.

Paul Keltie (pictured), head of fund administration for HSSG, said it was not only good news for the firm but for Guernsey as a whole.

‘This deal brings new investment to the island, which can only be of benefit to our economy and community. It clearly demonstrates that we have the capability and talent in Guernsey to provide leading and innovative service solutions to support such truly alternative funds.’

Oceanic Hedge Fund was named best energy hedge fund on a risk-adjusted basis at the annual Hedge Fund Review’s European Performance Awards in 2008 after meeting its challenging target of a 20% annual return for six years.

A Tufton Oceanic spokesman said: ‘We transferred the administration of the fund to HSSG because of their ability to provide leading offshore administration services. We are confident that the group will deliver us the best administrative support, to complement our continuing growth strategy.’

* The Tufton Group has offices in London, Dubai and Hong Kong.