irish funds seminar · 2015. 11. 19. · 19 product innovation money market funds • early adopter...
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Irish Funds Seminar
San Francisco
5 November 2015
PREMIUM SPONSORS
EVENT PARTNERS
55
Chair, Irish Funds, State Street Global
Tadhg Young
Welcome
66
Dillon Eustace
Dan Forbes
Opportunities that Ireland offers asset managers & why ICAV is the structure of choice for US investment managers
77
Why Ireland for Funds?
• Regulated environment: EU and OECD
• More than 25 years’ experience and expertise
• Support structure of over 13,000 professionals
• Robust and efficient regulatory framework
• Most favourable tax environment for funds
• High quality, business friendly environment in optimum time zone
for global coverage
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88
Source: Central Bank of Ireland, March 2015
Breakdown of Irish Domiciled Funds
Total Assets of Irish Domiciled Funds – US$ Billions
99
Why Ireland for US Managers?
• Strong cultural and historic ties
• Common language
• Common legal system
• Location and ease of access
• Gateway to Europe and rest of World
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World Class Service Providers
• Over 50 service providers in Ireland providing custody and
administration services
• Many US institutions with operations in Ireland
• Northern Trust
• BNY Mellon
• State Street
• Citi
• JP Morgan
• Brown Brothers Harriman
• SEI
10
1111
• 455 Promoters/Managers of
Irish Domiciled Funds
• Majority US based (by AUM)
11
World Class Service Providers
1212
Representative List of US Promoters/Managers
• BlackRock
• PIMCO
• Goldman Sachs
• Vanguard
• State Street
• Russell Investments
• BNY Mellon/Dreyfus
• Northern Trust
• Neuberger Berman
• SEI
• Legg Mason
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Regulatory Environment
• Openness, transparency and investor protection
• Robust and efficient regulation
• Central Bank of Ireland – approves parties involved and products
• Pre-defined timeframes for product authorisation
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Product Range – UCITS & Non-UCITS
UCITS
• Undertakings for collective investment in transferable securities
(“UCITS”)
Non-UCITS
• Otherwise known as Alternative Investment Funds (“AIFs”) under
AIFMD
• Retail (“RIAIFs”)
• Institutional (“QIAIFs”)
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Legal Structures
UCITS
• Investment Company established as a public limited company (“plc”)
• Irish Collective Asset Management Vehicle (“ICAV”)
• Unit Trust
• Common Contractual Fund (“CCF”)
Non-UCITS/AIFs
• All of the above + Investment Limited Partnership (“ILP”)
15
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Manufacturing Menu
16
Investment Policy /
Objectives
Leverage
Borrowing
Dealing Frequency
Distribution
Tax
Regulated
UCITS
Non-UCITS
(RIAIFs and QIAIFs)
Investment Company
Unit Trust
Common Contractual Fund
Investment Limited Partnership
ICAV
Promoter/Manager
Requirements
Products Legal Structures
1717
What type of fund?
Summary comparison of AIFs versus UCITS under a number of criteria
AIFs UCITS
Investors Professional Retail and Professional
Investment Restrictions Generally NoYes (incl. fortnightly
redemptions)
European Passport Yes Yes
Global Distribution NoRecognised in many non-EU
markets
Brand Recognition Early stages Gold Standard Brand
Min Subscription Amount Yes - €100,000 No
Access to Double Taxation
AgreementsYes Yes
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Environment Epitomised by Innovation
• Product solutions to accommodate strategies from long only to
complex
• Money Market Funds
• Exchange Traded Funds
• Alternative Funds
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Product Innovation
Money Market Funds
• Early adopter of Rule 2a-7 in 1990s
• Ireland leading European domicile for money market funds
Exchange Traded Funds
• ETFs first introduced in US in early 1990s - end 2014 assets at
US$1.9 trillion in 1,380 ETFs
• First European ETF structured as Irish UCITS in 2000
• End 2014 assets at €438.9 bn in 1,418 European ETFs
• Ireland represents 50% of European ETF Market
19
2020
Alternative Funds
• Considerable expertise in servicing alternative products
• Ireland administers 40% of global hedge fund assets
• Ireland first EU country to issue its rule book on AIFMD
• Combined with UCITS expertise well placed to accommodate
UCITS pursuing “alternative strategies”
• Marked increase in AIF assets
• up 35% in 2014
• up 15% to July 2015
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Global Reach
• Irish Funds distributed in over 70 countries worldwide
Europe – Americas – Asia/Pacific Rim – Middle East – Africa
• 455 fund promoters from over 50 countries use Ireland to
distribute Funds
• Member of EU, Eurozone, OECD, FATF and IOSCO
• Extensive tax treaty network – over 70 countries
• MoUs with 46 jurisdictions
• 30 languages supported in the industry
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Contact
Daniel Forbes
Dillon Eustace
U.S. Representative Office
245 Park Avenue, New York, NY 10011, USA
Telephone +1 212 792 4166
Website: www.dilloneustace.ie
Dublin Cayman Islands Tokyo New York Hong Kong
2323
Moderator:
Panellists:
Panel Discussion
Ireland as domicile of choice for alternative fund managers
Dervilla Lannon, Blackrock
Tom Mistele, Dodge & Cox
Pritesh Patel, Fisher Investments
Rosaleen Carey, PwC
Damian McAree, Capita
2424
Irish Funds
Kieran Fox
Closing remarks
Thank you
PREMIUM SPONSORS
EVENT PARTNERS
2828
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Drinks
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