The Irish Collective Asset Management Vehicle (Icav), a fund structure launched last year, has seen inflows of €8.4 billion, said trade body Irish Funds.
Over 157 new funds had registered through the Icav between the end of March this year and since the legislation was passed into law in March 2015.
Managers that have registered funds through the vehicle in Ireland include UBS Hedge Funds Solutions and Permal Group.
The majority of these new funds have been alternative investment funds.
The Icav was designed to improve efficiency and accessibility for new Irish investment funds, and now sits alongside the public limited company as a tailor-made corporate fund vehicle for both Ucits and regulated alternative funds, said Irish Funds.
Icav’s primary purpose is to minimise the administrative complexity and cost of establishing and maintaining collective investment schemes in Ireland. For example, certain changes to company legislation that target trading companies do not affect funds.
Pat Lardner, chief executive officer at Irish Funds, said: “The Icav was a hugely positive development for the Irish funds industry, and these figures only reinforce the success of this legislation. We’ve seen real appetite from fund managers on a global scale, and we certainly expect this to continue in the coming months and years.”
The legislation was drafted with the specific needs of investment funds in mind, and has the advantage that it is not impacted by amendments to certain pieces of company legislation that are targeted at trading companies.
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