New Legislation Makes It Easier to Move Funds Into an ICAV
In September the government enacted new legislation to facilitate the re-domiciling of funds from Cayman Islands and British Virgin Islands into an ICAV structure in Ireland.
UBS Hedge Fund Solutions became the first manager to make use of this new legislation to re-domicile significant fund assets to Ireland into an ICAV. This gives further weight to Ireland's standing as a leading domicile for international funds and demonstrates continued pro-active approach in meeting the evolving needs of fund promoters.
As at the end of October the Central Bank of Ireland had approved 92 ICAVs.