Fri, Feb 12, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Law firm Dillon Eustace announces relocation of first unit trust investment fund from Caymans to Ireland

Tuesday, November 02, 2010
Opalesque Industry Update - Dillon Eustace, one of Ireland’s leading law firms, has announced the first unit trust investment fund relocation from the Cayman Islands to Ireland.

The move, which was completed on behalf of a major international financial institution and its underlying investor, follows the Irish Central Bank’s agreement to facilitate the general relocation of unit trusts. Legislation was also recently commenced to streamline the process of re-domiciliation of corporate funds to Ireland.

In this instance, the re-domiciliation has involved a Cayman Islands registered unit trust successfully relocating as an Irish Qualifying Investor Fund. More fund relocations are expected shortly.

Brian Dillon, Partner with Dillon Eustace said: “As investors demand increased regulation of their investment products, Ireland will increasingly become a centre for fund relocation. We believe there is now an emerging trend and argument for investment funds to be re-domiciled to Ireland from offshore fund jurisdictions such as British Virgin Islands, Cayman Islands and Bermuda.

“There is no doubt that there is a growing appetite for regulated products from institutional investors worldwide. As a result, fund managers are looking at Ireland as a domicile for their internationally distributed funds because of the robust yet efficient regulation in place.”

For the past 20 years, Ireland has been the premier jurisdiction for fund managers establishing regulated investment products. Ireland also provides favourable tax incentives, competitive operating costs, a multi-lingual workforce and a well developed infrastructure with world-class support service

In 2010, assets under administration in Ireland reached all time high of €1.8 trillion, having risen from €1.2 trillion in 2009.

According to the most recent figures, Irish domiciled investment funds reached €899 billion in assets at the end of August. This constituted a 20% increase in value from the beginning of 2010 and a 27% increase from the same period last year.

Non-Irish domiciled funds currently total €939 billion. The previous reported high for Irish domiciled funds was €850 billion in October 2007.

This is the fourth consecutive quarter that assets under administration figures have grown in Ireland.

(press release)

Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Real estate secondaries sole 'bright spot' in 2015, As hedge funds stumble, one firm prepares to buy illiquid stakes[more]

    Real estate secondaries sole 'bright spot' in 2015 From IPE.com: The secondary market for property was the sole “bright spot” over the course of 2015, as hedge fund secondaries saw deals fall by two-thirds, according to a wide-ranging survey of the market. Setter Capital said 2015 saw th

  2. Asia - Hedge fund manager Kyle Bass estimates China's foreign reserves below critical level[more]

    From Nasdaq.com: Investor Kyle Bass stepped up his attack on China's currency, arguing in an investor letter distributed Wednesday that the second-largest economy's foreign reserves are "already below a critical level." The comments mark the latest effort by hedge funds and other investors to raise

  3. Investing - Some hedge funds want to make subprime auto loans next big short, 11 hedge funds that are “all in” on the FANG stocks, Hedge funds short London luxury homes, Cynet raises $7 million from U.S. hedge fund[more]

    Some hedge funds want to make subprime auto loans next big short From Bloomberg.com: A group of hedge funds, convinced they have found the next Big Short, are looking to bet against bonds backed by subprime auto loans. Good luck finding a bank willing to do the trade. Money manage

  4. Investing - Hedge funds see selloff in European bank stocks as buying opportunity[more]

    From WSJ.com: The massive selloff in European bank stocks and bonds is overdone and presents a “phenomenal” buying opportunity, according to some of Europe’s top hedge-fund managers. Despite a 28% slump in European bank stocks this year, including a 38% fall in Deutsche Bank AG and a 34% drop in Soc

  5. Legal - Carlyle accused of fraud by ex-employee, Hedge funds win CDS breach of contract suit against Deutsche Bank, Hedge fund asks for OK on $27.5m Goldman CDO deal, SFO examines Barclays hedge fund profits[more]

    Carlyle accused of fraud by ex-employee From AI-CIO.com: A former portfolio manager claims he was fired for blowing the whistle on “crazy” and “irresponsible” investments. Carlyle Group has been sued by a former portfolio manager for one of its hedge funds, who accused the firm of “knowi