The Irish Funds Industry Association reports a ‘significant’ uptake in applications by fund managers seeking authorisation in Ireland under the new Alternative Investment Fund Managers Directive (AIFMD).
Citing information released from the Central Bank of Ireland, the association says applications from 72 asset managers are being processed and 11 have been authorised.
In recent weeks, 47 applications have been received.
The central bank has revised its initial expectations and says it could process up to 90 applications between now and the July 22 deadline.
In July, the Qualified Investor Fund structure will make way for the more flexible Qualified Investor Alternative Investment Fund, which will be fully regulated under the AIFMD.
About €1.5 trillion in alternative assets are administered in Ireland.
Since the start of the year, the industry has watched how the competition between fund domiciles is playing out.
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