Mon, Aug 3, 2015
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. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  3. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

  4. Opalesque Roundup: Hedge fund assets rose to 11th consecutive quarterly record level: hedge fund news, week 31[more]

    In the week ending 24 July, 2015, the total global hedge fund industry assets rose to the 11th consecutive quarterly record level in 2Q15 to $2.97tln; Eurekahedge reported that hedge funds raised $93bn in the first six months of 2015; The SS&C GlobeOp Forward Redemption Indicator for July 201

  5. Cowen Group, Inc. to acquire Conifer Securities[more]

    Cowen Group, Inc. and Conifer Securities, LLC had announced the signing of a definitive agreement under which Cowen will acquire Conifer Securities, the prime services division of Conifer Financial Services LLC. The transaction, the terms of which have not yet been disclosed, was approved by the boa

 

banner