There's a growing number of investment managers looking to Ireland for product and service solutions ahead of publication of the Level 2 implementing measures of the Alternative Investment Fund Managers Directive (AIFMD), reports the Irish Funds Industry Association (IFIA).
The IFIA confirms that its industry is “AIFMD ready” with many of the key provisions already a standard part of the requirements for the Qualifying Investor Fund (QIF).
The IFIA believes its increasing popularity with alternative investment managers as the prime jurisdiction of choice is down to the existing regulatory regime combined with the local expertise in servicing complex international investment funds. The latest figures confirm the number of QIFs reaching an all time high of 1,420 and assets reaching a new peak of €182bn – up 20% in 12 months and 35% in 2010.
Ireland’s domiciled non-UCITS figures have also shown considerable growth in recent years, up 35% in 2010, 15% in 2011 and 4.3% in the first quarter of 2012, according to Efama and the Central Bank of Ireland. Assets in domiciled non-UCITS funds are up from €200bn in 2010 to €250bn, with the number of funds and sub funds last year reaching an all time high.
Pat Lardner, the IFIA’s CEO, said: “As we near the publication of the Level 2 implementing measures, Ireland is significantly advanced in its preparations to transpose these into national law. The Irish funds industry, along with the Central Bank of Ireland and relevant Irish Government departments, has been working extensively towards key milestones. Being the leading service centre for alternative investment managers both within the EU and globally, Ireland has unparalleled experience in administering alternative investment funds."
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