Ireland is perhaps best positioned to take market share away from Luxembourg as a fund domicile for PE funds. It also offers full passport access to market funds across the EU but has a lower cost base than Luxembourg.
Fergus McNally, a Dublin-based partner at EY, says that because Ireland has more than 30 years’ experience as a centre of asset management – though predominantly in open-ended funds – it is “primed to expand significantly as a centre for private asset classes”.
McNally highlights “a bustling ecosystem that employs over 17,000 people across fund administration, global custody and depositary firms, fintech providers and professional services firms”.
A number of fund administrators have recently opened their first offices in Ireland, including Highvern and...