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100 ICAV funds to be launched
31 July 2014
News funds expected to be set up in response to Irish Bill published on July 30
Irish Collective Asset-management Vehicle
Irish Funds Industry Association
Up to 100 new funds are due to be launched in Ireland under the
new Irish Collective Asset-management Vehicle (ICAV) Bill,
which the Irish Government published on July 30, according to
the Irish Funds Industry Association (IFIA).
Several asset managers have reportedly more than €10bn
($13.4bn) in assets ready to be deployed in the ICAV structure
as soon as it is passed in to law, which is expected soon after
the Irish parliament summer recess.
"This is a new era for the funds industry. In the following
months we firmly believe the ICAV will become the vehicle of
choice for investment funds looking to domicile in Ireland,"
said Pat Lardner, CEO of the IFIA.
"In another move to further the industry's development, the
Central Bank of Ireland has published its Loan Origination
Funds consultation paper. We look forward to this structure
being finalised over the coming weeks."
Speaking at IFIA's Annual Global Funds Conference in June, the
Irish Prime Minister Enda Kenny confirmed the Irish
government's commitment to the ICAV Bill and its dedication to
making the country's regulated fund structures "the most
accessible, innovative and sophisticated in the EU".
Under the new bill funds will not have to comply with certain
Irish and European company law and accounting requirements,
which target trading companies rather than investment funds.
This means ICAVs will avoid some of the administrative costs
that currently apply to investment companies, such as those
incurred by the Companies Act.