Ireland is AIFMD ready, industry body confirms

Ireland is AIFMD ready and that the Central Bank of Ireland (CBI) would be in a position to accept applications for alternative fund managers seeking authorisation under the directive by the start of the second quarter of 2013, according to CBI’s officials speaking at an Irish Funds Industry Association (IFIA) seminar.

Danny Lawlor, investment funds in the Markets Policy Division said: “In our current view, we do not see substantive changes to the delegation model but there may be adjustments to ensure that the Level 2 regulations are fully respected as they should be.”

Pat Lardner, chief executive of the IFIA added that AIFMD was not a huge challenge to the Irish funds industry given the fact it was the global leader in administering hedge funds and that “dealing with complex issues and finding solutions is our business and we do it and do it well every day”.

He added: “We have tried and tested products such as the Qualifying Investor Fund (QIF) which is an established, regulated product and brings managers a good way down the road to AIFMD compliance with the minimum of fuss.”

Statistics show that Ireland is hedge fund managers’ domicile of choice servicing more than 40% of total global assets.

As the deadline date for AIFMD authorisation set for July fast approaches, managers are increasingly turning to the QIF in preparation with total assets having doubled since April, 2009 when the first draft of AIFMD was published.

However, Ireland is also performing well in terms of UCITS and was, again, the domicile of choice during 2012 attracting as much in new monies as the rest of Europe put together, according to statistics from EFAMA. Figures from the same body also showed that In 2011 Ireland attracted twice as much as the rest of Europe put together.

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