Why is Ireland becoming the 'go-to' funds jurisdiction globally?
Significant industry growth combined with a historic shift in behaviour means that Ireland is increasingly becoming the 'go-to' jurisdiction globally for funds, says Ocorian, a global leader in fund administration.
That is being reflected in a historic change in buyer behaviour, as domiciling and entity decisions are no longer being driven purely by jurisdictional familiarity, but increasingly by what a jurisdiction and its service providers have to offer. There are, for instance, currently over 17,000 people directly employed in the funds industry in Ireland.
Its industry services over 90 countries, with over €3.9* trillion in net assets held in approximately 8,000 Irish domiciled funds. Latest figures show 17 of the world's top 20 global asset managers offer Irish domiciled funds and 40% of global alternative assets are either domiciled or serviced in Ireland.
Growth is being supported by Ireland's new and revamped Investment Limited Partnership (ILP) regime, its common law jurisdiction, clear tax transparency regime, and range of well-established service providers which coupled with the fact it's English speaking - means it is a viable alternative to Luxembourg.
Ocorian was recently granted three new licences by the Central Bank of Ireland, making it one of just a few non-bank providers based in Ireland able to offer a full range of services for a wider range of clients. It has licences covering Alternative Investment Fund Management (AIFM) services, fund administration services and real asset depositary services.
Simon Behan, Chief Commercial Officer, Ocorian said: "The figures speak for themselves - Ireland is increasingly the go-to jurisdiction and we see plenty of reasons why this is set to continue. It combines vast funds expertise, a wealth of industry knowledge with a substantial experienced workforce, and a deep pool of top service providers making it an easy choice for private equity firms, investment banks and real estate developers.
"We're seeing this rapid growth at the same time as a historic shift in buyer behaviour - our clients are increasingly focusing on 'what' jurisdictions offer rather than 'where' they are. This is in part due to the regulatory equalisation across markets and the fact that many jurisdictions are offering similar structuring and funds 'products'.
"At Ocorian, we consult with our clients to find the most effective and efficient solution to support their strategic objectives, now and into the future. Our diversified offering and global reach means that we deliver to our clients best in class solutions and services. Our independence enables us to be flexible to our clients' needs and move quickly to make sure that timelines are met; our fully scalable, tailored solutions flex as the industry and our clients' needs change. Led by technology, empowered by our people, and driven by process, we provide our clients with certainty of delivery now and into the future."
How can Ocorian help with fund administration services?
As a private capital specialist and global leader in providing AIFM, fund accounting & administration, and depositary services, Ocorian can provide asset managers with a quick, cost-effective and compliant way to realise their fund projects. Ocorian takes care of the regulatory and operational burden of establishing and administering our clients' alternative investment fund (AIF) throughout its lifecycle.
Ocorian's third-party ManCo/alternative investment fund management (AIFM) services based in Luxembourg and Dublin provide a quick, cost-effective, and compliant way to realise fund projects, including for cross-border distribution. Its expertise spans all alternative investment asset classes including private equity, venture capital, infrastructure, real estate, debt, as well as funds of funds.