Global Fund Distribution & UCITS IV

This publication is the first edition of a new PwC Ireland report which looks at the global distribution of Irish UCITS funds. UCITS funds are the ideal vehicle for promoters who wish to distribute their funds throughout the EU without having to obtain authorisation from each Member State. The success of the UCITS structure has extended beyond the borders of the EU and the UCITS brand is now recognised globally as a well regulated investment product. Irish UCITS funds are distributed heavily in Asia, the Middle East and South America as well as in Europe. Ireland is one of the major centres for domiciling cross border UCITS funds, in fact 80% of Irish domiciled funds are UCITS as of June 2009, according to the Irish Funds Industry Association (IFIA).

Additionally, the next wave of UCITS is upon us ...UCITS IV. It outlines new enhancements to the current UCITS regime. The two main enhancements focus on Fund Mergers/Master- Feeders and the UCITS Management Company. UCITS IV plans to meet the demands of investment managers and retail investors by introducing formal procedures for Fund Mergers and introducing the UCITS Master-Feeder structure. In relation to the UCITS Management Company, UCITS IV will offer Investment Managers unlimited choice for where to domicile their investment funds and respective UCITS Management Company. This seeks to allow a UCITS Fund in one domicile to be managed by a Management Company located in another jurisdiction. Going forward, Fund Managers will have the option to centralise their asset management, administration, risk management operations within one domicile.

We have two service offerings focusing on these two main enhancements as outlined by UCITS IV. This first relates to Fund Range Rationalisation which is relating to Fund Mergers and Master/Feeders and the second relates to Management Company Domiciliation.

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