Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013
Rob Childs, Prescient

31777

Prescient fund platforms convert to ICAV

RELATED TOPICS​

Prescient Fund Services (Ireland) Limited, an independent provider of globally competitive and flexible outsourced management company, platform and fund administration services, has converted two of its fund platforms from PLCs (Public Limited Companies) to ICAVs (Irish Collective Asset-management Vehicles).

Prescient supports investment managers of Irish regulated and other traditional and alternative funds by providing the infrastructure and performing the key control functions that are required to help them to grow their businesses and meet their regulatory obligations.

The two umbrella platforms, one regulated as a UCITS and one regulated as a QIAIF (Qualified Investor Alternative Investment Fund), enable international investment managers to efficiently and cost-effectively launch and manage Irish regulated funds. There are currently over 30 sub-funds on the platforms.

The ICAV has a number of advantages over the PLC, in that it is specifically designed for investment funds and as such is exempt from those aspects of Irish company legislation that may not be as relevant for collective investment schemes. One benefit is that amendments to the fund documents can be efficiently implemented, subject to approval by the depositary, ensuring that the interests of investors continue to be protected. Furthermore, an ICAV structure is not subject to the risk spreading rules, unlike other corporate vehicles offered in Ireland, and therefore an AIF ICAV may be structured as a single asset fund under the AIFMD framework, enabling a broader range of strategies to be supported. Finally, the ICAV allows for the simplification of the financial statements, in that it is possible to prepare separate statements for each subfund. This ensures that investors in a single sub-fund of an umbrella with multiple sub-funds only receive accounts that are relevant to them and will reduce the costs and time spent by managers in compiling the information.

Rob Childs (pictured), Head of International at Prescient Fund Services Ireland, adds: “When Prescient first entered the Irish market over ten years ago, the PLC was the go-to structure for funds. In recent years the ICAV brand has proven to be a more effective and flexible structure, so these conversions will immediately benefit our clients and position us for further growth”.

The new ICAVs sit alongside Prescient’s other fund solutions which include a third ICAV platform as well as a Common Contractual Fund (CCF) platform, which is targeted at pension funds and other tax-exempt institutional investors

Latest News

Global index revenues increased 9.3 per cent in 2023, totalling a record USD5.8 billion, according..
Octopus Investments (Octopus) has announced it has launched a Natural Capital Strategy...
Research firm focused on Alternative UCITS funds, Kepler Absolute Hedge, has published its Market Intelligence..

Related Articles

Trends
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100 million deals announced this month alone...
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100..
Different flavours
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led, multi-boutique global asset manager with over USD20 billion under management, recently undertook a survey with 204 UK investment professionals, seeking insights into their perceptions and attitudes towards boutique asset managers...
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led,..
UK map
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be worth billions of pounds in the coming years...
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be..
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a possible buyout of EY’s Italian consulting branch...
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by