IRELAND - Ireland will soon introduce legislation to permit non-UCITS common contractual funds. The structure would allow more flexibility in the types of investments allowed in the funds, including alternative assets such as hedge funds.
The move follows the successful launch of UCITS CCFs in Ireland, which are attracting the interest of multinational companies as a vehicle for their pooled assets for cross-border pension funds.
“The positive response to the UCITS structure has created an anticipation and a demand for the structure to be available for schemes beyond the UCITS type of schemes,” said Gary Palmer, chief executive of the Dublin Funds Industry Association.
One multinational has already established a fund in Ireland under the existing CCF format and several others are going through the authorisation process, according to Palmer.
Government approval for the preparation of primary legislation for the new structure is expected after the summer parliamentary recess.
Non-UCITS CCFs could then be in place by the end of the year, said Palmer. “With the amount of work that has gone into the preparation of the process we are maybe unrealistic but optimistic that we could be talking about calendar year 2004,” he said.
“We’d be confident that [the non-UCIT CCF] places Ireland in a very strong position to provide solutions to these multinational companies in relation to the activities they want to engage in,” added Palmer.
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