At an event in London last Friday attended by around 600 finance professionals, the Irish funds industry made a clear pitch to UK firms considering relocating to other EU jurisdictions post-Brexit.
Opening the symposium, Irish Minister of State for Financial Services, Eoghan Murphy, said the government’s aim was to provide a “welcoming” business and “responsive” regulatory environment.
He went on to say several firms had already entered into application discussions with the Irish Central Bank, and some were awaiting licenses, although he clarified that the Bank would not be automatically accepting all applicants.
Suggestions Ireland lacked the infrastructure to support an en-masse outflux of firms from the UK were dispelled by a later speaker, who said the Irish government had undertaken a programme of development, improving and widening transport structures and investing in new commercial property developments.
In a subsequent panel discussion on Brexit, Murphy said industry engagement with government was important for achieving the goal of growth and development, and highlighted the soon-to-be passed Investment Limited Partnership legislation, which he said would enhance Ireland’s private equity offering.
The Irish government has made no secret of its desire to attract financial firms from the UK ever since the June 23 referendum. The day after, Martin Shanahan, chief executive of IDA Ireland, the state agency in charge of attracting foreign investment, sought to position the country as a replacement domicile. He even touted Dublin as Europe’s possible new financial centre.
According to Alfi data, Ireland already accounts for 14.3% of the total assets held in European funds, and 17.6% of all Ucits assets.
The symposium was organised by Irish Funds, the representative body for the international cross-border investment funds industry in Ireland.
©2016 funds europe
