Monterey Insight's fund reports have historically captured business allocated to Legal Advisers acting as Primary and/or Local Counsel.

In addition, a Jersey-specific exception has applied whereby law firms could be attributed to funds distributed in Jersey, even where those funds were not otherwise serviced in the jurisdiction. Monterey Insight has never commented on the level of engagement of the law firms but clearly some firms are keen on keeping this level of reporting from the Jersey Fund Report.

To enhance transparency and support broader reporting needs, a new data field - Legal Counsel - has been introduced within the Service Provider and Analytics reports.

The Legal Counsel classifications are defined as follows:

• Primary: The law firm is based in the same jurisdiction as the fund’s domicile

• Local: The law firm provides local counsel in a jurisdiction other than the fund’s domicile

• Distributed (Jersey-specific): A Jersey law firm acting as distribution counsel, typically advising on local regulatory and marketing requirements. In this case, the fund is not serviced in Jersey beyond legal support

• Blank: Unknown or not applicable