Funds flourish in Dublin despite sovereign debt woes
Tue Jan 11, 2011
Joy Dunbar, editor of Absolute UCITS, speaks to lawyers, administrators and the Irish Fund Industry Association about how the financial crisis in Ireland has affected the domicile’s status as an onshore jurisdiction of choice for UCITS hedge funds.
Ireland’s banking crisis has hit many sectors of its economy. The crisis, that reached its apex at the end of last year, has resulted in a €85 billion bailout by the IMF and European Commission and the country has also received a €3.2 billion loan from the UK government.
Many ordinary Irish people have been hit as a result of public sector budgets being savagely cut. The austerity measures have resulted in emigration at its highest rate since the late 1980s, according to the Ireland’s Central Statistics Office.
The Celtic Tiger, as it was known during its decade-and-a-half economic boom, appears to have died a tragic Shakespearean death. However, a corner of the Irish economy, the funds industry, appears to have risen like a phoenix from the ashes of the crisis.
Ireland is the largest administration centre in the world for alternatives. More than 40% of global alternative investment fund...
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