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Asset Management and Investment Funds

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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 13th year in a row in 2023.  The Monterey Insight Ireland Fund Report 2023 reveals that Matheson continues to rank first for Irish domiciled funds based on the assets under management and first amongst both domiciled and non-domiciled funds as at 30 June 2023.

Our dedicated team is comprised of over 70 legal professionals, led by 14 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, Liam Collins, Philip Lovegrove 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.

‘Exceptional market knowledge and technical ability; highly commercial approach; longevity of key partners; depth of team; transparent billing and good value for money; strong capabilities across related practices (e.g. tax, regulatory, structured finance).’
Investment Funds The European Legal 500 2024

‘Their ability and willingness to listen, advise, adapt and react when you most need them is notable. They are also very pragmatic and commercial.
Investment Funds The European Legal 500 2024

"Very professional, strong and reliable practice with very good depth. Can seamlessly interchange where needed between different partners and lawyers. Very commercial and highly rated throughout our business.’
Investment Funds The European Legal 500 2024

‘Team possesses excellent industry knowledge, is responsive, and delivers timely and efficient advice and work product.’
Investment Funds The European Legal 500 2024

"The senior and junior partners are accessible and able to process complex matters in a timely manner. Matheson is a very pragmatic and commercial law firm to work with."
Investment Funds Chambers Global 2024

"There are very experienced teams within the law firm to assist with various matters. The lawyers are extremely efficient at acknowledging emails and providing timely responses."
Investment Funds Chambers Global 2024

"Matheson really is the best in Ireland. Clients benefit from the strength of its experience and the relationships that the whole law firm has with other clients as well to inform our market practice."
Investment Funds Chambers Global 2024

"The lawyers are responsive, commercial and solution-driven."
Investment Funds Chambers Global 2024

“Providing sound and commercial legal advice, excellent client relationship management, responsiveness.”
Investment Funds: IFLR1000 33rd Edition 2023

"Top tier. Very experienced and capable team. They know everything that there is to know about structuring and documenting investment funds, market practice and regulatory expectations. Advice is timely and practical. The team is highly client focused and delivery across the different partners in the team is seamless. Billing is transparent and there are no surprises. The firm offers excellent value. The Matheson team work readily and efficiently with other firms on cross-border structures."
Investment Funds: The European Legal 500 2023

"Frequent partner personal contact and available access."
Investment Funds: The European Legal 500 2023

"Knowledgeable, and diligent effective service. Supported by an experienced team. Top funds firm."
Investment Funds: The European Legal 500 2023

"The Investment Funds team has strength in depth, in addition to having some extremely knowledgeable partners who know the Investment Funds landscape inside out, meaning they are well versed in any issue that may arise."
Investment Funds: Chambers Global 2023

"Technically strong and with good knowledge of the local market and regulatory environment. Sound knowledge of the regulators and developing trends."
Real Estate Funds IFLR1000 2022 32nd edition 2022

"The firm are very professional, responsive and have an incredible depth of knowledge in the wide variety of areas that we use them for. They have an answer for every question we throw at them and are very pragmatic in their response and approach. "
Retail Funds IFLR1000 2022 32nd edition 2022

“Client focused, networking, team players, working with multi jurisdictional cross-border clients and transactions seamlessly. A can do attitude.”
The European Legal 500 2022

“They know the law and the market inside out and they apply that knowledge practically and simply.”
The European Legal 500 2022

"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

‘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.’
Investment Funds: European 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.’
Investment Funds: European Legal 500 2021

“The two-engagement partner structure means we can rely on obtaining senior-level advice on urgent issues arising on a timely basis, as well as facilitated access to Matheson’s advisers in a wide range of related practice areas, as necessary.”
Investment Funds: European Legal 500 2020

“The level of knowledge amongst staff below partner level is very good.”
Investment Funds: European Legal 500 2020

“The extent of the partnership mentality of this team is unique. They actively partner with us on our goals holistically and they manifestly partner with all relevant component teams within Matheson to deliver us a comprehensive services. The breadth of their experience and depth of their bench is also special.”
Investment Funds: European Legal 500 2020

“Matheson has been a key partner to us. They provide a holistic offering of professional services and we value them for their pragmatic solutions and on-point legal advice
Investment Funds: European Legal 500 2020

"Matheson provides expert and commercial practical legal advice to us in all areas, particularly, insolvency, portfolio sales, general banking and real estate. All solicitors whom we deal with are exceptionally responsive, highly reliable and legal experts in their chosen fields. No recognised weaknesses identified in Matheson's service over the years."
IFLR1000 2020

"Outstanding service. Strong sector knowledge and commercial approach."
IFLR1000 2020

"Strengths: very professional, always understands our position and aligns with it. Weakness: some teams take longer than expected with their responses."
IFLR1000 2020

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.

View Our Full Investment Funds Publications Library
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. 

The recently amended ELTIF framework provides for more flexible investment rules and removes barriers to retail participation, increasing the attractiveness of the framework in facilitating investment by both professional and retail investors in private assets.  Read more>

The Revised European Long-term Investment Funds Regulation

The regulation on European Long Term Investment Funds introduced a new type of fund “brand” that allows retail and professional investors to invest in companies and projects that need long-term capital.  Read More>

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, investment limited partnerships, unit trusts or common contractual funds. 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 > 

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 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”) has been one of the most successful fund structures in Ireland to date, its success reflecting the market appetite for a sophisticated regulated product facilitating hedge fund and other alternative investment strategies. 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 > 

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 and exchange traded products (“ETPs”) had assets of more than US$6.04 trillion as at the end of February 2020. 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 > 

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 > 

Establishing a Common Contractual Fund
The Irish 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 > 

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Recent Investment Funds Updates

Our recent investment funds updates provide key information on the latest legal and regulatory developments impacting the investment funds industry.

The Revised European Long-Term Investment Funds Regulation

The investment landscape is changing at pace, with major themes such as sustainability, deglobalisation and demographic changes motivating investors to seek opportunities in private markets. Read More>

The Individual Accountability Framework: Action Items for Funds and Fund Management Companies

Following a three month consultation process, the Central Bank of Ireland (“Central Bank”) has issued finalised regulations and guidance to firms (“Guidance”) on the Individual Accountability Framework (“IAF”). It has also published a feedback statement in relation to the consultation. Read More>

Central Bank of Ireland Outlines Findings from Review of SFDR Filings

Following on from the large number of filings made at the end of 2022 under the Central Bank of Ireland’s (“Central Bank”) streamlined filing process relating to updates to fund documentation to comply with the Sustainable Finance Disclosure Regulation (“SFDR”), industry has engaged with the regulator to seek feedback from the Central Bank’s review of a sample of those filings. Read More>

AIFMD 2.0 Is on the Way

Following political agreement during the summer, in November 2023, the Council of the EU (“Council”) published the final text of the directive amending the Alternative Investment Fund Managers Directive (“AIFMD”) and the UCITS Directive. Read More>

Take Two: The ESAs’ Review of the SFDR Level 2 Rules

The European Supervisory Authorities (“ESAs”) have published their final report setting out proposals to amend the regulatory technical standards (“RTS”) supplementing the Sustainable Finance Disclosure Regulation (“SFDR”). Read More>

European Commission Consultation on SFDR

The European Commission (“Commission”) has published a public consultation and a targeted consultation relating to its review of the Sustainable Finance Disclosure Regulation (“SFDR”). Read More>

Review of the Eligible Assets Directive

The European Commission has published a letter issuing a formal request to the European Securities and Markets Authority for technical advice on the review of the directive on UCITS eligible assets. 

ESAs Propose Changes to SFDR Level 2

Having filed updated pre-contractual disclosures to comply with the Level 2 requirements under the Sustainable Finance Disclosure Regulation at the end of 2022, there was no time for fund managers to rest on their laurels. Read More.

UK Government Grants Equivalence for UCITS Marketing into UK

The UK government has granted equivalence for UCITS under the UK Overseas Fund Regime ("OFR"), meaning that UCITS can be marketed into the UK without meeting any additional UK requirements. Read More>

The Retail Investment Strategy

One of the main objectives of the Capital Markets Union action plan published in 2020 was to develop and promote retail investment in the EU and to make the EU an even safer place for individuals to save and invest long term. Read More>

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Asset Management and Investment Funds Brochure

Brochures and Links