Walkers have completed the first redomiciliation of a Jersey investment fund into Ireland. The fund, BlueAlpha Global Equity Fund plc (BlueAlpha), successfully migrated and has been authorised in Ireland as a UCITS fund. Apex Fund Services (Ireland) Limited is BlueAlpha’s new administrator, with BNP Paribas Securities Services Dublin Branch acting as custodian.
Sean Peche, Director of BlueAlpha says: “Walkers’ presence in both Jersey and Ireland meant they were uniquely positioned to assist us in the continuation. The process was extremely well managed and we couldn’t have achieved the end result without Walkers’ high level of competence and professional service.”
The redomiciliation process was provided for under Irish legislation, allowing a fund to re-register in Ireland in a straightforward and efficient manner by way of “continuation”. It allows the migrating fund to retain its existing corporate identity, its track record and performance data.
Migrating funds have the flexibility to be structured as UCITS (with the benefit of the UCITS passport) or as Qualifying Investor Funds (QIFs)(with the benefit of greater flexibility in investment options). This redomiciliation is only the second UCITS redomiciliation to date, with the majority of redomiciliations being as QIFs.
