Manulife granted AIFM status in Ireland

Ireland map 2The Central Bank of Ireland has authorised the Irish entity of Manulife Investment Management as an alternative investment fund manager (AIFM).

The decision enables Manulife to provide management company services to alternative managers in line with the EU’s AIFM directive.

It also grants Manulife passporting rights across the European Economic Area for its private market funds.

“Achieving this licence is a critical milestone to further extend the reach of our global private markets business and is a strategic opportunity for European investors seeking access to the diversification and the potential benefits of private asset exposures,” said Paul R. Lorentz, president and CEO, Manulife IM.

The status upgrade comes at a time of increased interest in Ireland’s fund services market among both fund administrators and management company service providers.

Germany’s Universal Investment is set to complete its acquisition of Irish fund management company Metzler by the end of May after the central bank approved the purchase.

Metzler’s current CEO will continue to head up the company while also serving as country head of Universal Investment-Ireland.

Meanwhile, the central bank has also issued a specialist depositary licence to fund services firm CSC. This adds to the Irish funds administration licence that CSC secured last year.

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