Insights

Funds Bulletin

November 2014

The Deloitte Funds Bulletin delivers you our latest updates and insights on industry developments. We hope you find this edition useful and please contact us if you have any queries.

Loan originating funds - 10 key features

From 1 October 2014, the Central Bank of Ireland has permitted certain Qualifying Investor Alternative Investment Funds (QIAIFs) to originate loans (LOQIAIFs). The launch of the LOQIAIF follows a consultation process by the CBI over the past year. When issuing the new AIF Rulebook, the CBI also issued a Feedback Statement on this consultation which provides interesting insights on the rationale for the current structure of the LOQIAIF. 

Consultation on fund management company effectiveness - Delegate oversight (CP86)

The Central Bank of Ireland has recently issued a Consultation on Fund Management Company Effectiveness – Delegate Oversight’ (CP86) (the Consultation). Its aim is to enhance the effectiveness of fund managers, their boards, and the boards of investment funds. It also aims to improve investor protection, particularly given the abolition of Ireland’s previous promoter regime. 

UCITS V - Responses to ESMAs Consultation Paper on depositary insolvency protection and depositary independence

The Consultation asked for stakeholders’ views on proposals in two areas related to the depositary function: firstly, the insolvency protection of UCITS assets when the depositary delegates safekeeping duties to a sub-depositary; and secondly the requirement for the management company and the depositary to act independently. The Consultation closed on 24 October 2014.

Here we review the responses to the Consultation submitted by the Investment Management Association in the UK (IMA), the Irish Fund Industry Association in Ireland (IFIA), and the Association of the Luxembourg Fund Industry (ALFI) (together the Stakeholders). 

ICAV - Irish Collective Asset management Vehicle

Ireland’s new corporate fund vehicle, the Irish Collective Asset-management Vehicle (“ICAV”), is being introduced under bespoke funds legislation due to be enacted in the coming weeks.

The ICAV has many benefits, including enhanced distribution among US investors and a streamlined compliance model. Irish and overseas fund managers will benefit from structuring new funds as ICAVs, and in certain circumstances may also benefit from converting or merging existing funds to form an ICAV. 

Link n Learn session on Focus on Annual Reporting for 2014 year end

Agenda:

  • GAAP developments
  • FRS 102
  • IFRS
  • AIFMD developments

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Thursday, 6 November @ 4 p.m. GMT, by clicking on join Webinar, and follow the procedure.

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Performance magazine

In this edition we feature numerous articles written by industry thought leaders and address some of the interesting challenges facing asset managers. We take a look at how Martin Gilbert, the CEO of Aberdeen Asset Management, grew Aberdeen into what is now Europe’s largest listed fund manager. We later explore the changing investment management landscape in markets such as the UK and Mauritius and sub-sector groups such as securities lending and hedge funds. 

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