UBS Hedge Fund Solutions has become the first investment manager to re-domicile a Cayman fund as an ICAV under the Irish Collective Asset-management Vehicle Act of 2015.
ICAVs are a new corporate fund vehicle in Ireland which are tailor-made for investment funds as they combine the advantages of each of the existing fund vehicles used in Ireland into one. The result is a more efficient and effective fund structure over the alternatives, such as a public limited company, with a simplified compliance framework and enhanced distribution opportunities.
UBS Hedge Fund Solutions, the Investment Manager, collaborated on the development with Lantern Structured Asset Management Limited, who will serve as the Alternative Investment Fund Manager of the ICAV. This structure will be the first for UBS Hedge Fund Solutions to be marketed as an AIFMD compliant fund in select European markets.
William (Bill) Ferri, Head of UBS Hedge Fund Solutions, says: "As a result of innovative legislation in Ireland, UBS executed an opportunity to more broadly provide a potential core hedge fund solution to qualified investors in select European countries."
Commenting on the news Pat Lardner (pictured), CEO of Irish Funds, says: “The ICAV legislation which came into effect last March has further strengthened Ireland’s position as a leading domicile for international funds and we are seeing increased demand for this structure. We are delighted that UBS Hedge Fund Solutions are the first manager to re-domicile significant fund assets to Ireland using the ICAV. This is a further demonstration of the importance of providing a broad range of options for asset managers. We will continue using a pro-active and consultative approach to identify new ways to meet the evolving needs of fund promoters and in doing so further enhance Ireland’s established reputation as a leading jurisdiction for regulated funds.”
