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UCITS IV not yet in “hedge fund managers’ DNA” says BNP Paribas’s Cantillon

Ucits IV is on everyone’s lips: depending on whom you talk to. Whilst many of the heavyweight multi-domiciled fund managers are focusing their attentions on the benefits of Ucits IV vis-à-vis its previous incarnations, most hedge fund managers are having to educate themselves. “In the hedge world, managers are looking at Ucits IV as a way to onshore and attract institutional investors in the post-Lehman environment. Their appetite is quite different to that of mutual fund managers who have lived through Ucits I, II and IIII,” explains Maria Cantillon, Global head of Alternative Funds, BNP Paribas. “Ucits IV is not in their DNA. At the moment they’re simply studying the idea of going onshore or not.” Whilst Cantillon suggests obtaining a Ucits wrapper is several steps away yet for most single-managed funds, she believes the advantage for those considering it is that “they can pursue it with a clear perspective. They don’t need to worry about the existing infrastructure, like the multi-domiciled guys.” With over 40 per cent of hedge funds managed out of Dublin, Cantillon opines that US managers, in particular, will look there for onshoring. “It all comes down to familiarity. Hedge funds are used to Dublin as a best-in-class fund administration centre.”

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