Ireland Now EU Top Hedge Fund Domicile
By: Ainsley Brown
Hedge Funds, a business synonymous with offshore and often tropical locals is witnessing a surprising trend in the European Union (EU).
Are you ready for this?
Ok, one word: onshoring.
With the passage of the controversial EU Alternative Investment Fund Manager Directive last year, many a fund have abandoned offshore locations such as the British Virgin Islands, Cayman Islands and the Seychelles in favor of onshore locations, primarily Ireland. The Directive has forced this onshoring trend largely because it imposes stringent restrictions on the marketing of non-EU domiciled funds to EU investors.
This is some welcomed good economic news for an Irish economy that took a severe battering in 2010 and remains stagnant early in 2011. According to the Irish Funds Industry Association, Ireland has become the EU domicile of choice 63% of all EU domiciled hedge funds.
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