ICAV Bill signed into Irish law
The Irish Collective Asset-management Vehicle (Icav) Bill has been signed into Irish law by the Irish president late last week.
The Act creates a new form of corporate vehicle for funds whose purpose is to minimise the administrative complexity and cost of establishing and maintaining collective investment schemes in Ireland.“The Icav legislation is an important further step in strengthening Ireland’s standing as a leading domicile for international funds and demonstrates that we are continuing to take a pro-active approach in meeting the evolving needs of fund promoters. We have worked closely with both the Irish authorities and the fund management community to ensure the Icav is tailored to meet the investor’s needs.
"The Icav will also provide an additional option for promoters, complementing the established range of Irish fund vehicles available here,” said Pat Lardner, CEO of the Irish Funds Industry Association.
The Irish Funds Industry Association has confirmed that Permal Group, one of the world’s leading alternative asset managers, is in final preparations to move a number of its BVI separate accounts, totalling initially almost $4bn, to a newly launched Permal Icav.
“By creating Icavs, Ireland has developed a first class onshore structure - a move that enhances its status as a leading jurisdiction for regulated funds. This is the direction of investor tide, particularly for Europe where investors are seeking EU-domiciled fund structures and enhanced supervision by the likes of the Central Bank of Ireland,” said Omar Kodmani, chief executive of Permal Group.
The Icav, a new corporate vehicle designed for Irish investment funds, now sits alongside the public limited company (plc), and will provide a tailor-made corporate fund vehicle for both Ucits and alternative investment funds (AIFs).
As a bespoke piece of legislation, it was drafted with the specific needs of investment funds in mind, and will not be impacted by amendments to certain pieces of company legislation that are targeted at trading companies.
The legislation also includes a mechanism for non-Irish investment companies to migrate into Ireland and become an Icav as part of a single process.
Found this useful?
Take a complimentary trial of the FOW Marketing Intelligence Platform – the comprehensive source of news and analysis across the buy- and sell- side.
Gain access to:
- A single source of in-depth news, insight and analysis across Asset Management, Securities Finance, Custody, Fund Services and Derivatives
- Our interactive database, optimized to enable you to summarise data and build graphs outlining market activity
- Exclusive whitepapers, supplements and industry analysis curated and published by Futures & Options World
- Breaking news, daily and weekly alerts on the markets most relevant to you
