Right place right time Ireland - the domicile of choice for regulated funds

www.pwc.com/ie Right place right time Ireland - the domicile of choice for regulated funds January 2012 Download QR code scanner for your smart phone to view what is behind the code. 2 Right time, right place 2012 Contents 1. 2. Foreword 04 The Irish Funds Industry 05 3. Regulation 10 4. Distribution of Irish funds 25 5. Listing on the Irish Stock Exchange 34 6. Taxation 39 7. Products 43 8. Services 51 9. Contacts 54 10. Appendices 57 2012 Right time right place 3 Foreword The asset management world is in the middle of major regulatory change and it is a testing time for the industry. Ireland has been adapting quickly to this new landscape. It is now UCITS IV ready with the Central Bank transposing this legislation by the 1 July 2011 deadline and the QIF product is also ‘AIFMD ready’. The Irish funds industry has proven itself to be strong, diverse and resilient. It has emerged relatively unscathed from the globalfinancial crisis. According to the Central Bank of Ireland, as of the end of November 2011, the assets of Irish domiciled investment funds were EUR 1 trillion, the industry entered 2012 as a trillion euro industry, a remarkable achievement. Ireland was the managers’ choice for both UCITS and alternatives investments in 2011. Recentfiguresfrom the Central Bank of Ireland show that the number of QIFs, the alternative fund vehicle, is at an all time high of 1,355 funds with assets also reaching a peak of EUR174 billion. QIF assets grew some 18% in 2011. On the UCITS side, EFAMA statistics showed that Ireland attracted the highest inflow of UCITS net assets (EUR 41.5 billion) of any domicile for 2011. In fact, the statistics show that the gains made by Ireland were almost two and half times that of the next most successful domicile. This achievement underlines the experience, expertise and global reach of Ireland as a leading funds domicile and as a leading centre for the administration of investment funds. The funds industry continues to be a source of high value employment in Ireland. In the two year period from the start of 2010 to the end of 2011 the Irish funds industry will have created 1,143 new jobs in Ireland – bringing total employment to 12,500. The Irish Funds Industry Association (IFIA) has opened representative offices in the US and the UK in a joint venture with IDA Ireland, the Irish Government’s inward investment agency. The move means that the Irish funds industry will now have representatives on the ground in New York, Boston, Chicago, Atlanta and London for the first time. Offices have also been opened in Asia, Singapore and Tokyo. Ireland secured the accolade of Best Offshore Centre at the annual Global Investor Magazine awards 2010 and has recieved many other accolades based on its competitive infrastructure. I trust that you willfind this updated brochure on the Irish funds industry beneficial to your business needs. Damian Neylin Asset Management Leader Ireland January 2012 4 Right time, right place 2012 The Irish funds industry 2012 Right time right place 5 ... - tailieumienphi.vn