Applications by money managers to become authorized under the Alternative Investment Fund Managers Directive in Ireland have seen a “significant uptake,” according to information released by the Central Bank of Ireland to the Irish Funds Industry Association, a trade organization.
The CBI is currently processing 72 applications from money managers, a spokesman confirmed. Eleven alternative investment managers are already authorized, and 47 applications have been received “in recent weeks,” according to a news release.
The CBI expects to process up to 90 more applications between now and the deadline for AIFMD authorization in Ireland on July 22.
The AIFMD, a European law that had to be adopted by individual countries before July 2013, for the first time is regulating hedge funds and other private funds.
“We are at a critical stage in the process; we are now halfway through the transition period with a clear deadline in sight,” said Pat Lardner, CEO of the IFIA, in the release. “This is the first time the Central Bank of Ireland has released these figures, and they clearly highlight that Ireland is going to be a domicile of choice for fund managers looking to passport funds across the (European Union).”
According to the IFIA, €1.5 trillion ($2.1 trillion) in alternative assets are serviced in Ireland.