Ireland’s first ‘Icav’ fund has been launched after UBS Hedge Fund Solutions (UBS HFS) re-domiciled a Cayman vehicle.
An Icav – the Irish Collective Asset-management Vehicle – is a corporate fund vehicle created this year that combines the advantages of each of the existing fund vehicles, such as a public limited company, used in Ireland into one and has a simplified compliance framework.
The structure will be the first that UBS HFS markets as being compliant with the Alternative Investment Fund Managers Directive.
UBS HFS, the investment manager, collaborated on the development with Lantern Structured Asset Management, who will serve as the alternative investment fund manager of the Icav.
William Ferri, head of UBS HFS, 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."
Pat Lardner, chief executive officer of Irish Funds, Ireland’s fund association, says Ireland is seeing increased demand for the Icav structure, which was introduced in March.
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