The Irish Funds Industry Association says up to 100 new funds could be launched in Ireland under the new Irish Collective Asset-management Vehicle Bill, published today by the government.
Several asset managers have more than €10 billion in assets ready to be deployed in the structure, the association says. It is expected that the bill will be passed into law after the Irish parliament summer recess.
Under the bill, funds will not have to comply with certain Irish and European company law and accounting requirements targeted at trading companies rather than investment funds, an exemption intended to avoid some administrative costs.
In addition, the bill does not impose a risk diversification requirement, and should not require investor consent for routine changes to constitutional documents.
Pat Lardner, chief executive officer at the Irish Funds Industry Association, says he expects the bill will become the vehicle of choice for investment funds looking to domicile in Ireland.
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