Several asset managers have reportedly more than €10bn ($13.4bn) in assets ready to be deployed in the ICAV structure as soon as it is passed in to law, which is expected soon after the Irish parliament summer recess.
“This is a new era for the funds industry. In the following months we firmly believe the ICAV will become the vehicle of choice for investment funds looking to domicile in Ireland,” said Pat Lardner, CEO of the IFIA.
“In another move to further the industry’s development, the Central Bank of Ireland has published its Loan Origination Funds consultation paper. We look forward to this structure being finalised over the coming weeks.”
Speaking at IFIA’s Annual Global Funds Conference in June, the Irish Prime Minister Enda Kenny confirmed the Irish government’s commitment to the ICAV Bill and its dedication to making the country’s regulated fund structures “the most accessible, innovative and sophisticated in the EU”.
Under the new bill funds will not have to comply with certain Irish and European company law and accounting requirements, which target trading companies rather than investment funds. This means ICAVs will avoid some of the administrative costs that currently apply to investment companies, such as those incurred by the Companies Act.