Two New Funds Products Launched by the Irish Stock Exchange
The Irish Stock Exchange (“ISE”) has recently launched two new products; a fund information portal isefundhub.com which allows professional investors to access free fund information and the expansion of the ISE’s Global Exchange Market to allow funds to list on this exchange regulated market which was originally set up for debt listing.
The ISE launched isefundhub.com for funds listed on the ISE to display important fund information such as key fund documents, investment manager profiles, NAV histories and analytics as well as peer comparisons among funds. There are currently over 2,000 funds listed on the ISE. Funds list on the exchange for a variety of reasons but it is mainly investor led as the listing provides an additional layer of regulatory oversight as well as tax benefits to certain investors and increased transparency and visibility.
The site has attracted 50 managers since launch and as a result the ISE has decided to open up the site to all Irish domiciled funds. isefundhub.com allows managers to display profiles of themselves and compare their funds to other similar funds. So far a number of high profile managers have opted to display their fund data on the site.
The site is low cost and low maintenance and this has proved to be a key attraction in getting managers to opt to display their data on isefundhub.com. There are a lot of platforms in the market where funds can display their data but a common complaint from managers has been that they are very onerous for the manager to populate and maintain. The ISE’s site is seen as simple and easy to navigate for investors who are looking for a high level overview of funds either listed on the ISE or domiciled in Ireland.
Ireland has experienced strong growth in the funds industry in the last few years and now has over 6,000 funds (including sub-funds) domiciled in Ireland. There was not previously a centralised location to view data on Irish domiciled funds and the ISE is looking to provide a necessary addition to the funds infrastructure in Ireland.
The site is geared for professional investors and as such is a private site and access is provided upon vetting by FundConnect and the ISE to professional investors only.
The ISE is also opening up the Global Exchange Market to funds this month. The Global Exchange Market was launched in 2009 as an exchange regulated market for the listing of debt securities. There are currently over 9,000 debt securities listed on the Global Exchange Market and the ISE is opening up the market to funds this month in response to requests from fund managers seeking an alternative to the EU Regulated Market. The Global Exchange Market, as an exchange regulated market provides this alternative.
Rose Ward, Vice President - International Primary Markets, Irish Stock Exchange