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Asset Management and Investment Funds

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Expertise

Matheson's Asset Management and Investment Funds Department was ranked by the Monterey Insight Ireland Fund Report, the leading independent industry survey, as Ireland's leading practice by assets under management for the tenth year in a row in 2020.  The Monterey Insight Ireland Fund Report 2020 reveals that Matheson continues to rank first for Irish domiciled funds based on the assets under management at 31% and first amongst both domiciled and non-domiciled funds as at 30 June 2020

Our dedicated team is comprised of over 70 fund professionals, led by 13 partners.

We are experts in all aspects of UCITS including structured UCITS, UCITS ETFs, money market funds, UCITS platforms, UCITS pursuing alternative or hedge fund strategies, traditional long only equity and bond funds.

Our experience in alternative funds also sets us apart from our competitors. We have advised on alternative investment funds investing in pharmaceutical royalties, life settlements, property, currencies, commodities, bank loans, private equity, other hedge funds and on all hedge fund strategies including long/short, event driven, arbitrage, global macro, distressed debt and multi-strategy amongst others. Our market-leading expertise on AIFMD includes advising on the first AIFM authorisation in Europe and the first inward AIFMD management passport into Ireland. Our partners have advised numerous funds on transition to AIFMD.

The reputation of the Asset Management and Investment Funds Department amongst industry professionals and our involvement in the development of the industry is reflected by the appointment of managing partner Michael Jackson as chairman of the International Financial Services Centre Funds Group Legislative Committee, established by the Department of An Taoiseach (the Irish Prime Minister), and his 2009/2010 chairmanship of the Irish funds industry association (“Irish Funds”). Our partners Tara Doyle, Dualta Counihan, Shay Lydon, Anne-Marie Bohan, Liam Collins, Philip Lovegrove, Oisin McClenaghan and Michelle Ridge are all members of Irish Funds committees in the areas of hedge funds and alternative investment funds, exchange traded funds, UCITS V, client assets, private equity funds, distribution in Asia and Latin America and European Long Term Investment Funds. At European level, Shay Lydon is a member of the European Fund and Asset Management Association (“EFAMA”) UCITS Working Group and Liam Collins has been appointed as the Irish Funds representative to the EFAMA Financial Benchmarks Working Group, Philip Lovegrove is a member of the EFAMA ETFs Working Group and Tara Doyle is a member of the EFAMA ESG Standing Committee.

All of our partners are regular contributors to European and Irish consultations on the development of asset management and funds regulation. Submissions have been made by the Asset Management and Investment Funds Department towards the development of the Central Bank’s policy in a number of areas, including multi-manager funds, structured UCITS using tailored derivatives at share class level, and loan origination by qualified investor alternative investment funds.

With our team of 70 asset management legal and regulatory advisers working alongside Matheson taxation, structured finance and commercial litigation departments, we offer a comprehensive service for clients. As we are one of the few law firms in Ireland with a specialist derivatives practice, we have an unrivalled capacity to provide combined asset management, tax and derivatives advice to our clients. Our regulatory compliance and risk management team assists with authorisations of new investment managers, administrators and custodians, compliance requirements and Central Bank administrative sanctions. In addition to this, we provide a full investment funds listing services, a specialist outsourcing advisory practice and a dedicated investment funds company secretarial service, with online board-room facilities for our clients.

Our Team

Experience Highlights

Representative experience of the Asset Management and Investment Funds Group includes:

  • The launch of a wide range of UCITS products including traditional long only equity, bond and money market funds; alternative and structured products; ETFs; UCITS employing eligible strategies including long/short (130/30) equity, credit, currency, interest rate, volatility strategies and eligible financial indices.
  • Acting for over half of Irish domiciled money market funds by AUM, with industry leading experience in innovative areas such as negative yield / reverse distribution mechanisms and T setting accumulation share classes.
  • First AIFM authorised in Europe.
  • First inward AIFMD management passport into Ireland.
  • First to advise on bank loan funds using special purpose subsidiaries.
  • First Irish domiciled pharmaceutical royalties funds.
  • First Irish domiciled US life assurance policies funds.
  • First Irish “China” fund, a mutual fund investing in China A shares.
  • First Brazilian promoted Irish domiciled hedge fund.
  • First Irish funds promoted by Dubai and Saudi Arabian financial institutions.
  • First structured UCITS investment limited partnerships investing in property assets.
  • Third party manager platforms (UCITS and QIAIFs).
  • Liability driven investment funds.
  • Insurance linked investment funds.
  • Structured fund platforms.
  • Shariah-compliant UCITS and AIFs.
  • Bank loan funds using section 110 subsidiaries for several large international investment managers, including a hybrid fund/CLO structure.
  • Hedge funds using a variety of strategies including arbitrage, macro, directional, event-driven, long/short, market neutral, directional and quantitative and permitting direct investment and investment in fund of funds and feeder fund structures.
  • Irish, European and US commercial and residential property / real estate funds.
  • Commodities funds.
  • Renewable energy funds.
  • Retail funds of hedge funds.
  • Exchange traded and other index tracking funds, including physical and synthetic replication and smart beta funds.
  • Private equity fund of funds and feeder funds (gaining exposure to structures in Cayman, Jersey, Bermuda, Guernsey and a number of other domiciles worldwide).
  • Common contractual funds for multinational groups seeking tax transparent asset pooling solutions.
  • Listing of Irish and non-Irish domiciled funds on the Irish Stock Exchange.
  • Management company establishment.
  • Negotiation of contracts on behalf of administrators, custodians and prime brokers.
Accolades
"Market-leading team in investment funds. The team is made up of industry experts, best of breed technically, superbly resourced, hungry to support their client base to the best of standards and do so exceptionally well".
The Legal 500 2021

"Matheson’s funds team demonstrate an excellent balance of technical expertise, appreciation of Central Bank of Ireland requirements and commercial judgement. A critical counsel for asset managers outside Ireland looking to Brexit-proof their business and establish a management company in Ireland".
The Legal 500 2021

"I would highly recommend Matheson, particularly Philip Lovegrove. A very knowledgeable team and a pleasure to deal with".
The Legal 500 2021

The team "offers a very deep bench of talented lawyers and has a great number of resources it can apply if we need bulk support and lots of input over a short amount of time, and the lawyers cooperate and collaborate very well and efficiently".
Chambers Europe 2021

"The team is superb in the sense that the lawyers really care - not just about giving good advice but also that no deadline is missed or that I'm aware of any potential opportunity to do things more efficiently. I feel like they have my back and technically they are second to none".
Chambers Europe 2021

Matheson not only has “great legal knowledge but the ability to apply it practically”.
European Legal 500 2019

"They have excellent technical and industry knowledge and are always welcoming".
IFLR1000 2019

"The dual partner model they run works very well to ensure coverage and expertise across a range of projects, and is relatively unique".
Chambers Europe 2018

Matheson is "a very good fund service provider with supporting regulatory expertise".
European Legal 500 2018

"Focused on giving top-quality advice".
Chambers Europe 2018

"The best firm in Dublin for this type of work: they have unrivalled knowledge and expertise, are quick to react and user-friendly."
Chambers Europe 2017

"Excellent, leaders in the field, dynamic and innovative."
IFLR1000 2017

Asset Management and Investment Funds Publications

Matheson's Asset Management and Investment Funds Department produces updates and briefing notes on the main issues affecting the Irish and European investment fund industry, together with information on Ireland as an international fund domicile and establishing investment funds in Ireland. To view our full investment funds publications library, click here.

Recent Investment Funds Updates 

Sustainable Finance – Next Steps for Investment Funds - July 2021
The EU Sustainable Finance Disclosure Regulation (“SFDR”), investment funds and fund management companies are now in the next phase of preparing for compliance with both the SFDR requirements and the EU Taxonomy Regulation. Read More

Cross Border Distribution of Funds - July 2021
New requirements relating to cross border distribution are due to apply from 2 August 2021, Cross Border Distribution Directive (“CBDD”) are due to be transposed into national law and the provisions of the Cross Border Distribution Regulation (“CBDR”) are due to come into effect. Read More >

Central Bank of Ireland Proposed Guidance on Outsourcing - July 2021
On 25 February 2021, the Central Bank of Ireland (“Central Bank”) published a consultation paper on Cross-Industry Guidance on Outsourcing. Read More

Central Bank of Ireland Dear Chair Letter on Liquidity Risk Management - July 2021
On 18 May 2021, the Central Bank of Ireland (“Central Bank”) issued a Dear Chair letter (the “Dear Chair Letter”) to all Irish authorised UCITS management companies in relation to its review of UCITS liquidity risk management (“LRM”). Read More > 

The Irish Investment Limited Partnership : Partnering for Growth in Private Equity - July 2021
On 18 May 2021, the Central Bank of Ireland (“Central Bank”) issued a Dear Chair letter (the “Dear Chair Letter”) to all Irish authorised UCITS management companies in relation to its review of UCITS liquidity risk management (“LRM”). Read More >

The Irish Investment Limited Partnership : Partnering for Growth in Private Equity - March 2021
The highly flexible Irish qualifying investor alternative investment fund (“QIAIF”) regulatory framework best serves the needs of private equity, venture capital and “real economy” funds (such as property, infrastructure and renewable energy funds) established in Ireland in the vast majority of cases. Read More

Establishing a Private Equity Fund in Ireland -  March 2021
This brochure provides information in relation to the establishment of private equity funds in Ireland, the fund vehicles available for use, the relevant tax treatment and the steps necessary to launch a private equity fund. Read More > 

Enhancements to Ireland’s Investment Limited Partnership -  December 2020
The Irish Investment Limited Partnerships (Amendment) Bill 2020 (the “Bill”) recently completed all stages of the Irish legislative process and will be signed into law shortly. The Bill introduces significant updates to Ireland’s investment limited partnership (“ILP”) vehicle. Read More > 

Brexit Checklist for Fund Managers -  December 2020
The end of the transition period, 31 December 2020, is now very clearly on the horizon. The likelihood of any agreement in respect of financial services, whether as part of an overall free trade agreement or as one of a suite of agreements covering various sectors, seems increasingly remote as each day passes. Read More >  

Central Bank of Ireland Confirms Fast-Track Process for SFDR Updates -  November 2020
On 4 November 2020, the Central Bank of Ireland (“Central Bank”) advised Irish Funds that it will put in place a fast-track process to address the volume of prospectus updates due to be filed under the EU Sustainable Finance Disclosure Regulation (“SFDR”) by 10 March 2021. Read More > 

UK Temporary Permissions Regime -  October 2020
The transition period agreed to under the UK’s withdrawal agreement with the EU is due to operate until the end of December 2020. During this time, EU laws, including passporting rights, remain applicable in the UK, in accordance with the overall withdrawal agreement. When the passporting regime falls away at the end of the transition period, the temporary permissions regime (“TPR”) will provide a backstop.  Read More > 

View Our Full Investment Funds Publications Library

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Briefing Notes on Establishing Investment Funds in Ireland 

Our detailed briefing notes provide comprehensive overviews on establishing various types of investment funds, the available fund vehicles and the applicable regulatory regimes. 

Ireland as an International Fund Domicile
Ireland is internationally recognised as one of the world’s most advantageous jurisdictions in which to establish international investment funds. Fund vehicles with many different characteristics can be established in Ireland as Irish collective asset-management vehicles (ICAVs), investment companies, unit trusts, common contractual funds or investment limited partnership Read More > 

Establishing a UCITS in Ireland
As an internationally recognised gold standard for investment funds, the undertakings for collective investment in transferable securities (“UCITS”) brand has gone from strength to strength since its inception as a harmonised European investment fund more than twenty-five years ago. Read More > 

Establishing a Qualifying Investor AIF in Ireland 
The qualifying investor alternative investment fund (“QIAIF”) is one of the two regulated alternative investment fund structures introduced upon the implementation of the Alternative Investment Fund Managers Directive (“AIFMD”) in Ireland. Read More > 

Establishing an Investment Limited Partnership in Ireland
Ireland now has a ‘best-in breed’ regulated partnership vehicle building on Ireland’s position as the domicile of choice for asset managers wishing to establish European investment funds.  Read More > 

ILP Key Features
The purpose of this briefing note is to provide an overview of the key features of Irish investment limited partnerships (“ILPs”). Read More > 

Establishing an Exchange Traded Fund in Ireland
The continued growth of ETFs is one of the most significant trends in the investment fund industry. It is estimated that, globally, ETFs had assets of more than US$4,700 billion as at the end of March 2018. Read More > 

Establishing a Private Equity Fund in Ireland
The regulatory framework within which a private equity fund established in Ireland can sit is, in the vast majority of cases, best served by the highly flexible Qualifying Investor Alternative Investment Fund (“QIAIF”). Read More > 

Establishing Structured Funds in Ireland
Many product producers who have traditionally used securitisation issues and structured products such as debt programmes, certificates, collateralised loan obligations or collateralised debt obligations to structure their deals are now creating structured funds for their product offerings.  Read More > 

Establishing a Common Contractual Fund
The Irish common contractual fund (“CCF”) is a tax transparent cross-border investment vehicle designed to assist multinationals, their finance professionals and local pension plans to achieve economies of scale and enhanced governance.  Read More > 

ICAV Mergers
The Irish Collective Asset-management Vehicle (“ICAV”), Ireland’s newest investment fund vehicle, was introduced in March 2015.  Read More > 

Key Benefits and Features of the ICAV
The Irish Collective Asset-management Vehicle (“ICAV”), Ireland’s newest investment fund vehicle, was introduced in March 2015. Read More > 

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Asset Management and Investment Funds Brochure