UBS Hedge Fund Solutions Achieves a Historic First in Ireland12 October 2015
On September 4, 2015, UBS Hedge Fund Solutions officially became 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, said:
"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, CEO of Irish Funds, said:
“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.”
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UBS: +44 20 7568 9982 / Oliver.Gadney@ubs.com
Notes for editors
About UBS Hedge Fund Solutions
UBS Hedge Fund Solutions LLC was founded in 1994 and is a wholly owned subsidiary of UBS Americas Holding LLC. The firm is a premiere hedge fund intermediary business within UBS Asset Management. UBS Hedge Fund Solutions' roots extend well back to the early 1990’s.
UBS is committed to providing private, institutional and corporate clients worldwide, as well as retail clients in Switzerland, with superior financial advice and solutions while generating attractive and sustainable returns for shareholders. Its strategy centers on its Wealth Management and Wealth Management Americas businesses and its leading universal bank in Switzerland, complemented by its Global Asset Management business and its Investment Bank. These businesses share three key characteristics: they benefit from a strong competitive position in their targeted markets, are capital-efficient, and offer a superior structural growth and profitability outlook. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates. Capital strength is the foundation of its success.
About Irish Funds
Irish Funds is the representative body of the international investment funds community in Ireland, working on behalf of the administrators, depositaries, managers, transfer agents, fund promoters and professional advisory firms involved in the international fund services industry in Ireland.