Union Kokusai Equity Fund

We provided Jersey legal advice in relation to the establishment of the Union Kokusai Equity Fund, which is the first in a series of unit trusts promoted by a Japanese financial institution and regulated in Jersey as an unclassified collective investment fund.  The fund is a general securities fund with its investment objective being to achieve long-term out-performance of the MSCI Kokusai Index through a diversified portfolio of equity securities principally traded in the global developed countries excluding Japan.