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Hedge Funds
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There has been significant global growth in recent years in the hedge funds industry. Ireland is recognised globally as the European centre for the administration of and stock exchange listing of hedge funds. Increasingly, Ireland is also becoming the domicile of choice for regulated hedge funds.
The rules of the Irish Financial Services Regulator (the Financial Regulator), primarily in the context of Professional Investor Funds (PIFs) and Qualifying Investor Funds (QIFs), have undergone significant amendment to accommodate the characteristics of hedge funds and their relationship with prime brokers and OTC counterparties. (www.financialregulator.ie)
The members of the Investment Management Group at McCann FitzGerald have extensive experience in advising on the establishment of hedge funds and other alternative investment strategies for sophisticated investors, in a variety of jurisdictions, with particular focus on Irish-authorised funds.
The following are the main components of the services we provide for Irish hedge funds:
- advising on the structure of the product to meet the needs of both the promoter and target investors;
- assisting in the preparation of the application for promoter/investment manager approval to the Financial Regulator, where required;
- acting as Irish legal and regulatory adviser to the fund and the promoter;
- providing Irish tax advice;
- drafting of the prospectus, constitutive documentation (e.g. memorandum and articles or trust deed), investment management agreements;
- reviewing and negotiating any service provider agreements (such as custodian agreement, administration agreement and prime broker agreement) to be entered into on behalf of the fund;
- managing the application to the Financial Regulator for the fund authorisation;
- acting as listing sponsor in respect of the listing of the fund's shares on the Irish Stock Exchange, if required;
- assisting in the selection of an Irish administrator and custodian;
- assisting in the selection of a prime broker;
- advising on performance fee structuring;
- assisting in the selection of two local directors, in accordance with the requirements of the Financial Regulator; and
- attending to all corporate matters, including the formation of the fund.
We also advise prime brokers and derivative counterparties in respect of arrangements which they may enter into with Irish hedge funds.
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