ICAVs are a new corporate fund vehicle in Ireland, signed into Irish law on 5 March, designed to streamline the process for international fund managers looking to base themselves in the republic.
“As a result of innovative legislation in Ireland, UBS executed an opportunity to more broadly provide a potential core hedge fund solution to qualified investors in select European countries,” said William Ferri, head of UBS Hedge Fund Solutions.
UBS Hedge Fund Solutions has collaborated on the move with Lantern Structured Asset Management, who will serve as the Alternative Investment Fund Manager of the ICAV. The structure will be the first for UBS Hedge Fund Solutions to be marketed as an AIFMD compliant fund in select European markets.
Irish Funds, which represents international fund community in Ireland, said that since the ICAV Act became effective around 46 out of the 73 funds so far registered have been Alternative Investment Funds (AIFs).
“The ICAV legislation, which came into effect last March, has further strengthened Ireland’s position as a leading domicile for international funds and we are seeing increased demand for this structure,” said Pat Lardner, CEO of Irish Funds.
“We are delighted that UBS Hedge Fund Solutions are the first manager to re-domicile significant fund assets to Ireland using the ICAV,” he said.
