New York (HedgeCo.Net) – The Irish Funds Industry Association (IFIA) is reporting an uptake in applications by fund managers seeking authorisation in Ireland under the new Alternative Investment Fund Managers Directive (AIFMD).
According to information released from the Central Bank of Ireland (CBI) to the IFIAlast month, applications from 72 fund management firms are being processed at present, with 11 AIFMs already authorized by the Central Bank of Ireland. In recent weeks 47 applications have been received. “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.” Pat Lardner CEO of the IFIA, said
“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.” The CBI now believes it will be exceeding its initial expectations and processing up to 90 applications between now and the deadline on 22nd July 2014. Ireland currently has over €1.5 trillion ($2.06 trillion) in alternative assets.