Asset Management and Investment Funds

The Practice

The Finance Group at Arthur Cox is the largest of its kind in Ireland and is constantly at the forefront of developments in finance law and practice. Our practice revolves around four key areas, including asset management and investment funds, banking and other lending transactions, debt capital markets/structured finance and financial regulation. Our finance team is made up of lawyers who are experts in all of these areas. We pride ourselves in offering clients a joined up and integrated approach across practice areas and we excel at advising on transactions which require advice in a number of areas of finance and other areas of law.

Arthur Cox’s Asset Management and Investment Funds Group is a market leader, advising on all aspects of investment management issues and the establishment and ongoing operation of investment funds in Ireland. Established in 1990, the Group consists of a very experienced team that is “well resourced and thorough” and continues to demonstrate its in depth understanding of all types of investment funds, including UCITS, QIFs, REITs, hedge funds, private equity funds and property funds. The Group’s reputation for expertise and innovation is endorsed by an impressive client list which consists of many leading international financial institutions, investment banks and asset management companies.

The Group advises on a range of legal and regulatory issues, including:

  • Establishing all kinds of investment funds and advising on fund structures
  • Drafting fund documentation
  • Advising on day-to-day legal, operational, administration and company secretarial issues relating to funds
  • Liaising with the Central Bank and the Irish Stock Exchange
  • Advising on derivative products and prime brokerage arrangements for funds and prime brokers
  • Advising investment managers
  • Advising fund administrators and custodians
  • Co-ordinating with foreign counsel in relation to the registration of funds outside of Ireland
  • Dispute resolution in relation to funds
  • Advising broker dealers and investment managers
  • Advising on cross border financial services within the European Union
  • Advising on anti-money laundering issues
  • Advising on compliance procedures and corporate governance
  • Advising on investor compensation issues
  • Listing Services for Investment Funds

Innovation

The Group has consistently worked with its clients over the years to develop innovative solutions to their product ranges and other requirements.  Amongst the transactions in which the Group has been involved which are firsts of their kind are the following:

  • Obtaining approval from the Central Bank for the establishment of side pockets in a QIF
  • Obtaining clearance from Central Bank to allow Undertaking for Collective Investment in Transferable Securities (“UCITS”) to invest in bank loans
  • Obtaining approval from the Central Bank for pooling of collective investment scheme assets
  • Arranging the first redomiciliation of a Cayman fund to Ireland
  • Establishing the first exchange-traded fund in Ireland
  • Establishing the first REIT property fund
  • Establishing the first money market fund as a UCITS
  • Obtaining authorisation for the first multi-manager UCITS fund
  • Obtaining authorisation to establish the first UCITS fund using a Mauritian subsidiary company to invest in India
  • Working with the Central Bank to develop new rules on the disclosures relating to investment managers in both UCITS and non-UCITS funds

Regulatory Developments

The Group closely monitors developments emerging from the European Commission and various industry bodies.  The partners in the Group are particularly active members of the various industry groups charged with monitoring such activities such as the legislative sub-group of An Taoiseach’s (the Prime Minister’s) IFSC Funds Working Group and the Legal & Regulatory Committee and Alternative Investment Committee of the Irish Funds Industry Association.  The partners in the Group also speak regularly at investment fund conferences.

Expertise

We offer a full range of financial services including:

  • Establishing all kinds of mutual funds and advising on fund structures
  • Preparing fund documentation
  • Advising on day-to-day legal, operational, administration and company secretarial issues relating to funds
  • Liaising with the Central Bank
  • Advising on derivative products and prime brokerage arrangements for funds
  • Advising fund administrators and custodians
  • Co-ordinating with foreign counsel in relation to the registration of funds
  • Dispute resolution in relation to funds
  • Advising insurance and reinsurance companies
  • Advising on bond issues and commercial paper issues
  • Advising broker dealers, prime brokers and investment managers
  • Advising on cross border financial services within the European Union
  • Advising on anti-money laundering issues
  • Advising on compliance procedures and corporate governance
  • Advising on investor compensation issues
  • Providing Listing Services on the Irish Stock Exchange

Experience

We work with our clients to develop innovative solutions to their problems. Amongst the transactions in which we have been involved which are firsts of their kind are the following:

  • Establishing the first money market fund as a UCITS fund
  • Obtaining authorisation for the first multi-manager UCITS fund
  • Obtaining authorisation to establish the first UCITS fund using a Mauritian subsidiary company to invest in India
  • Working with Central Bank to develop new rules on the disclosures relating to investment managers in both UCITS and non-UCITS funds
  • Establishing the first REITS property fund
  • Establishing the first exchange-traded fund in Dublin
  • Arranging the first redomiciliation of a Cayman fund to Ireland
  • Arranging the first redomiciliation of an Irish UCITS fund to another European country
  • Obtaining Central Bank approval for inter fund pooling of collective investment scheme assets