According to the Central Bank of Ireland (CBI), applications from 72 groups are currently being processed, with 47 requests received and 11 alternative investment fund managers already authorised.
The CBI now believes it will be exceeding its initial expectations and processing up to 90 applications between now and the deadline on 22 July, 2014. By then, the popular Qualified Investor Fund structure (QIF) will make way for the more flexible Qualified Investor Alternative Investment Fund (QIAIF) which will be fully regulated under the AIFMD.
The QIAIF is a preferred structure for use in the regulated alternative investment area because it is exempt from the general conditions relating to investment policies and borrowing restrictions.
“We are at a critical stage in the process; we are now half way through the transition period with a clear deadline in sight,” said Pat Lardner, CEO of the IFIA.
“This is the first time the Central Bank of Ireland has released these figures and they clearly highlight that Ireland is going to be a domicile of choice for fund managers looking to passport funds across the EU.”
Ireland remains a leader in servicing and domiciling of alternative investment funds, with €1.5trn in alternative assets administered there.
Lardner added: “With more than 40% of global hedge fund assets now serviced in Ireland, the news further highlights Ireland’s credibility as a domicile for alternative investment funds, and one of the top jurisdictions for accessing AIF passporting across the EU.”
