Financial services group Ocorian has been granted three new licences by the Central Bank of Ireland.
The licences will cover Alternative Investment Fund Management services, fund administration services and real asset depositary services, enabling Ocorian to support clients throughout the complete fund lifecycle from establishment to fund administration, ongoing reporting, and regulatory compliance.
Through the granting of the licences, Ocorian looks to target growth in the €3.8 trillion Irish funds market.
Ocorian is predicting strong growth in Ireland’s fund management industry fuelled by more US fund managers choosing to domicile their structures in Ireland as they launch into Europe.
There is also a demand from UK managers looking at alternative institutional domiciles. In addition, UK managers are targeting existing managers that are looking for a higher level of expert client service and single point of accountability.
Ireland’s new Investment Limited Partnerships Act has made the country even more competitive for private investment funds, particularly those based in the UK, US, Europe, and Asia, says Ocorian.
There is also increased interest from private equity managers looking to establish parallel European structures to existing offshore funds to distribute to European investors, the group adds.
Ireland is firmly established as Europe’s leading centre for alternative funds and the largest hedge fund domicile, with 40 per cent of global hedge funds serviced in the country. Currently more than 1,000 fund managers from over 50 countries have assets administered in
Ireland, with 17 of the world’s top 20 global asset managers offering Irish-domiciled funds.
Mike Hughes, global head of service lines at Ocorian, says: “These licences will now enable us to offer our clients a wider choice of domicile for their funds within the European Union and benefit from Ocorian’s global expertise in fund administration.”
He adds: “We have been operating in Ireland for more than 15 years, offering corporate and capital market services to businesses engaged in aircraft leasing, securitisation, and cross-border financing, so it was an easy decision to expand our strategic footprint in Ireland and offer a wider range of services to our clients.”
Garrett Breen, global head of funds at Ocorian, says: “Our expertise, certain delivery and powerful technology solutions mean that our clients can rely on us to take care of the regulatory burden of running a fund and focus on generating value for their investors.”
