IQ-EQ to create dedicated funds business in Ireland
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IQ-EQ to create dedicated funds business in Ireland 02 March 2021Ireland Reporter: Maddie Saghir
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IQ-EQ is planning to expand its Irish operations with the launch of a dedicated funds business in Ireland to enhance the group’s existing fund services offering.
The investor services group says the expansion demonstrates the increasing importance of Ireland as a funds domicile particularly in light of Britain’s recent exit from the EU and the changes to the Irish Investment Limited Partnership legislation.
The IQ-EQ Group, which includes Blue River and Constellation Advisers in the US, has been active in the Republic of Ireland for over 30 years, providing corporate administration and structured finance solutions from its offices in Dublin and Shannon.
IQ-EQ will transfer a number of key personnel from the group’s wider UK and Ireland cluster, including Belfast-based Eoghan Harney, who will hold the role of director and head of fund accounting as part of the fund services expansion.
The firm has also hired Gary Palmer, former chief executive of the Irish Funds Industry Association, who is on board as chairman and non-executive director.
Commenting on the launch, managing director of IQ-EQ Ireland, Joanne McEnteggart, says: “This is an important milestone not only for the Ireland team but for the group as a whole as it takes us one step closer to achieving our strategic objective of becoming the most complete independent provider to alternative asset managers globally.”
Meanwhile, managing director of IQ-EQ’s UK and Ireland cluster, John Legrand, says: “This exciting launch marks a natural extension of the exceptional fund services expertise we already have across the UK and worldwide.”
“We have a large and well-established funds team in Belfast and it is fantastic to be building out that solution across the whole of the island. Without Ireland, IQ-EQ was not able to offer a truly geographically agnostic fund administration solution – but now we can.”
Justin Partington, IQ-EQ’s group head of funds, explains: “As a group, we’re receiving an increasing number of requests from both clients and intermediaries for Irish fund administration solutions. Large numbers of fund managers have already set up Irish operations, partly in response to Brexit, and many clients looking to set up a Europe-domiciled fund increasingly expect administrators to provide them with both an Irish and Luxembourg option to choose from.”
“In response to this demand, IQ-EQ is delighted to be able to expand its existing global Funds segment and build upon its strong Irish Corporate business to introduce a fund services offering in Ireland. We have the global infrastructure, technology and know-how, and are delighted to be bringing that to the Irish market,” adds Partington.
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