Birmingham law giant Wragge & Co LLP has advised Stirling Mortimer Limited over the launch of a new £100million fund focusing on distressed land opportunities.

The firm’s funds and structuring team secured Financial Services Authority (FSA) approval for the prospectus, allowing the Cheltenham-based fund manager to launch its fund to a far wider distribution, including the UK public, through a network of independent financial advisers.

Listed on the Channel Islands Stock Exchange (CISX), the fund is Stirling Mortimer’s tenth fund and the second to focus on distressed land in the UK.

Corporate partner Kevin Jones led the team, assisted by financial regulation expert Penny Sanders and solicitor Suzette Shipton. The team worked closely with Stirling Mortimer directors Philip Bowman and Tim Clink.

Mr Jones said: “The team’s technical expertise and experience of complex financial services regulation was key in gaining FSA approval and compliance with the Guernsey Financial Services Commission.

"This is the second time we’ve secured FSA approval for Stirling Mortimer. Our long-established relationship with the client and understanding of its financial products ensured a seamless approach to achieving its objectives.”

Philip Bowman added: “As with our last UK land offering, I am confident that having FSA prospectus approval will give easier routes for distribution and therefore greater volumes of sales. Wragge & Co provided precise and straightforward advice to achieve this goal in as timely manner as possible.”