· Report 2015 7 German promoters of with 96 Irish domiciled funds & $47 billion in AUM 81 UCITS...
Transcript of · Report 2015 7 German promoters of with 96 Irish domiciled funds & $47 billion in AUM 81 UCITS...
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www.irishfunds.ie22 www.irishfunds.ie
Irish Funds San Francisco Seminar 2016
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www.irishfunds.ie33 www.irishfunds.ie
PREMIUM EVENT SPONSORS
Irish Funds San Francisco Seminar 2016
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Anthony Bassili
Chapter Executive
CAIA
Welcome
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Kieran Fox
Director – Business Development
Irish Funds
Irish Funds Overview
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www.irishfunds.ie
Who/what we are….
• industry association for all aspects of regulated cross border funds
in Ireland
– representative function
– promotional function
• 114 member firms, located both in and outside Ireland
• key link to the authorities & policy makers in Ireland and beyond
• the industry’s representative in Europe and globally
• a platform for collaboration, information sharing and driving
outcomes & improvement
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www.irishfunds.ie
The Irish funds industry
• supports managers from all over the world
• full range of services for Irish domiciled
funds as well as providing expert services
for funds domiciled outside of Ireland
• solutions are provided to managers
across the full spectrum of investment
strategies
Fund Manager
Irish Administered
Funds
Irish Domiciled Funds
UCITS
AIFs
Non Domiciled Funds
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www.irishfunds.ie
Long track record of delivery
Total Assets under Administration, Euro billions
Source: Central Bank of Ireland and Irish Funds
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Scale, Diversity and Momentum to support you
Irish Domiciled Funds – Product BreakdownEuro billions
Source: Central Bank of Ireland and Irish Funds
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www.irishfunds.ie
Irish Domiciled Funds: AIFsQualifying Investor Alternative Investment Funds (QIAIFs)
QIAIFs Net Assets and Number of Funds
Source: Central Bank of Ireland
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www.irishfunds.ie
US Promoters of Irish Funds
Source: Monterey Ireland Fund
Report 2015
7 German promoters of with 96 Irish domiciled funds & $47 billion in AUM
81 UCITS funds 15 AIFs
123 US promoters of with
>1,500 Irish domiciled funds (35% of total) &
> $1 trillion in AUM (50% of total)
>1,100 UCITS funds >400 AIFs
Cash/Short-Term, 27%
Bonds, 20%
Exchange Traded Equities, 11%
Equities, 11%
Exchange Traded Bonds, 9%
Index Tracking Equities, 7%
Alternative Investment, 6%
Index Tracking Bonds, 3%
Mixed Equities/Bonds,
2%
Asset Allocation of US managed Irish Funds
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www.irishfunds.ie
What does the industry in Ireland provide?
• EU Single Market Access: product & service passports
• Investor Access: European Market and beyond
• Service Excellence
• Low Costs
• Low Tax Environment
• Regulatory Environment
• Commitment from Government
• Infrastructure : language/legal/telecommunications
7thIMD WORLD
COMPETITIVENESS
2016 YEARBOOK
1st
FLEXIBILITY AND
ADAPTABILITY OF
PEOPLE
1st
IN EUROPE FOR
COMPLETION OF
3RD LEVEL EDUCATION
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Pádraig Brosnan
Partner
Maples and Calder
Brexit Update
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Brexit Update
Key Topics
• Brexit and possible implications
• AIFMD, UCITS, MIFID II, EMIR and MAR
• Possible solution? Establishment of Irish AIFM/UCITS
Management Company ("Super ManCo")
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www.irishfunds.ie
Brexit Update
Brexit Implications
Background• 23rd June – U.K. Referendum
• 24th June – result announced: 52% voting to leave the EU
• U.K.'s FCA release statement regarding U.K. law and EU
legislation
Following the result:• Value of pound dropped
• Share prices slumped
• U.K. lost "Triple A" rating
• Interest rates cut
• David Cameron resigned, with Theresa May succeeding him
as PM
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Brexit Update
Steps to Leave the EU
• U.K. invokes Article 50 of the Lisbon Treaty
• Theresa May last Sunday – U.K. to invoke Article 50 by March
2017
• Commences two year negotiation period – Brexit by Q1 2019
• Withdrawal agreement needs approval from 20 countries
• Two year period can be extended with unanimous consent
• If no extension, U.K. ceases to be a member state
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www.irishfunds.ie
Brexit Update
Imponderables
• There are a number of key uncertainties that remain in respect
of Brexit, such as the form that Brexit will take
• Difference between "Hard Brexit" and Soft Brexit"
• What will the U.K. seek to retain of EU overlay?
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www.irishfunds.ie
Brexit Update
Post Brexit – What is Affected?
• Impact on U.K. Offices of U.S. Managers and U.K. limited
partners
• AIFMD
• UCITS
• MIFID II
• European Markets Infrastructure Regulation ("EMIR")
• Market Abuse Regulation ("MAR")
• Tax Considerations
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www.irishfunds.ie
Brexit Update
Post Brexit – Solutions
• An Irish management company can obtain authorisation as: (i)
a UCITS management company; or (ii) an AIFM; or (iii) a dual
authorisation, i.e. both UCITS management company and
AIFM (a "Super Manco")
• The Super ManCo can also extend its licence to perform MiFID
individual portfolio management functions (management of
non-fund portfolios, investment advice etc.)
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www.irishfunds.ie
Brexit Update
Establishing a Super ManCo
• Should a client establish a 'Super ManCo' this structure could
be used for both ICAV and UCITS structures. There are
effectively 3 forms of Super ManCo:
1) Establishment of proprietary Super ManCo;
2) Appoint a third party/delegated Super ManCo; or
3) Utilise 'Designated Persons' to augment a proprietary Super
ManCo.
• Application Process
• Timeline
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www.irishfunds.ie
Brexit Update
Substance requirements for Super ManCo
• There are no express requirements on the type of staffing model to be
applied to the Super ManCo. The discharge of functions and
delegation structure are considered on the basis of qualitative criteria.
Irish Super ManCos are permitted to delegate key functions out of
Ireland to EEA and global based entities. It is common for such
delegation to include tasks such as portfolio management, risk
management, certain administration activities and distribution.
• The Central Bank has a clear and fast-track procedure for approving
delegates who are authorised by other EEA competent authorities or
globally recognised counterparts (including the major regulators in the
U.S., Asia, EMEA region, LatAm and Australia).
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Brexit Update
Delegation Model Option for Super ManCo
• Separate to establishing your own Super ManCo, there is the option of
utilising a third party Super ManCo to act for both your AIFs and UCITS
products.
• Hosted Super ManCo
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www.irishfunds.ie
Brexit Update
Expertise
Pádraig specialises in advising leading international
financial clients on the establishment, operation and
regulation of all types of investment funds including UCITS,
AIFs, hedge funds, private equity funds and other bespoke
specialised fund products. In addition to advising the
investment managers on the structuring of such funds in
Ireland, he also advises other fund services providers
including administrators, depositarys, investment advisers
and prime brokers.
Pádraig Brosnan
Partner
Direct: +1 345 814 5441
Email: [email protected]
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• Dan Forbes, DMS Governance
• Dervilla Lannon, Blackrock
• David Walsh, Dillon Eustace
• Niamh Geraghty, Deloitte
Irish Funds Update Panel
Moderator
Panellists
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www.irishfunds.ie
Rob Drake
Bury Street Capital
Interviewer:
Andrew Thorne
BBH
Distributor Interview
Who is buying in Europe and what are they buying?
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Closing Remarks
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PREMIUM EVENT SPONSORS
Irish Funds San Francisco Seminar 2016
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Irish Funds San Francisco Seminar 2016
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The contents of this document may not be comprehensive or up-to-date, and neither Irish Funds, nor any of its member firms, shall be responsible forupdating any information contained within this document.