The Irish Funds Industry Association has signed a memorandum of understanding with its Chinese counterparts, the Securities Association of China.
The Irish Funds Industry Association has signed a memorandum of understanding with its Chinese counterparts, the Securities Association of China.
The agreement strengthens the framework for mutual cooperation and development between the two investment fund industries.
It builds upon the memorandum of understanding signed between the Irish and Chinese financial regulatory authorities in October 2008 allowing Chinese investors to invest in Irish domiciled funds. This has opened up Irish-managed and administered funds to one of the world’s largest pools of private capital.
The agreement aims to strengthen cooperation through the coordination of government and industry engagement, including briefing seminars, the exchange of regulatory and industry information and collaboration on areas of common interest.
Michael Jackson, chairman of the IFIA, says: ‘The signing of this memorandum of understanding between the Securities Association of China and the Irish Funds Industry Association represents another positive development in the ongoing co-operation between two eminent funds industries.
‘The strength of our respective associations lies in the knowledge and experience of our members. Our success as associations depends on our being able to utilise and share that knowledge and experience to grow relationships between our jurisdictions and those of our international business partners. This agreement reflects our commitment to continue to share our knowledge and expertise to the mutual benefit of our members and fund investors. We look forward to working with our Chinese colleagues as valued partners for the benefit of both our industries.’
The value of funds serviced in Ireland is in excess of USD1.4trn, while approximately 10,000 funds are currently being serviced by the industry companies throughout Ireland. Ireland can also boast the largest European domicile for money market funds, as well as being the largest alternative investment fund and ETF administration centre in Europe.
Over 350 fund promoters from across the globe have used Ireland to set up regulated investment funds distributed to shareholders in over 60 countries.
