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44 irishfunds.ie
Minister of State for Financial Services and Insurance
Michael D’Arcy
Irish Government Address
66 irishfunds.ie
Total Assets Under Administration – Split between Irish
& Non Irish Funds
434 584 728 807 646 748964 1,055 759 1,344
1,6641,899 2,085 2,231
636838
965
1,394 1,398 1,443
1,883 1,886
2,199
2,722
3,375
3,806
4,0954,251
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 June-17
EU
R
Billi
on
Total Assets Under Administration
Net Assets Domiciled Net Assets Non Domiciled
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Irish Domiciled Assets
• UCITS represent 75% of Irish
Domiciled Assets
• 86 UCITS Man Cos
• 156 AIFMs Registered or Authorised
• 597 AIFMs operating in Ireland on
cross border basis
• 364 ICAVs established (since 18 March
2015)
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Ireland’s Relationship with European Investment Fund Landscape
• €13 trillion in assets
• €8 trillion UCITS
• €5 trillion Alternative Investment Funds (AIFs)
• €1 trillion of net inflows into UCITS over last 3 years
• €463 billion net inflows into European funds 2016 (>30% of which went to
Irish domiciled funds)
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Growth of Largest European Fund Domiciles
2012 2013 2014 2015 2016
Europe 113 123 142 158 178
Luxembourg 114 125 148 167 177
Ireland 116 127 157 180 198
France 109 110 114 121 129
Germany 113 124 140 153 166
UK 117 135 159 179 177
-
50
100
150
200
250
% G
row
th116 127
157180
198
Source: EFAMA Statistics
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Irish Funds: Passport to Europe & Beyond
UCITS funds & AIFMs benefit from an EU wide
passport and can be sold in any other EEA
member state without need for additional
authorisation
Top 10 countries where Irish Funds
registered for sale
1. UK 6. Austria
2. Germany 7. Luxembourg
3. France 8. Sweden
4. Switzerland 9. Italy
5. Netherlands 10. Spain
Global Distribution of Irish Funds: 70 countries
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Irish Domiciled Funds – Net Sales
-30.0
20.0
70.0
120.0
170.0
Dec-13 Dec-14 Dec-15 Dec-16 YTD July 2017
Net Sales into Irish funds by type € Bn
Equity Funds
Bond Funds
Balanced Funds
Money MarketFunds
AIF
Net sales for
YTD July 2017
have already
surpassed the
total for 2016 (by
>€45bn) – which
itself was a
record year
98,463 85,465
135,668114,706
139,416
185,100
0
50,000
100,000
150,000
200,000
2012 2013 2014 2015 2016 YTD - July2017
EU
R M
n
Net Sales - Total Domiciled Funds
Net Sales - Total Domiciled Funds
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ETFs - An Irish Success
Ireland as a
Domicile for
European
ETFs
Total Assets
of European
ETFs - € Bn
Source: Irish Funds,
June 2017
Ireland310
Rest of Europe
248€ bn
56%
44%
€ bn
41
3
Net Sales into All European ETFs 2016 €Bn
Ireland
Rest ofEurope
Bn93%
7%
Bn
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Looking Ahead – Brexit
Three interdependent themes
Distribution
Management
Models
(‘Delegation’)
Growth
OVER 2,000 IRISH
FUNDS SOLD TO UK
INVESTORS1
€613 bn2 IN IRISH FUND
ASSETS MANAGED BY
170+ UK FIRMS IN
IRELAND2
Continuity in UK investor
access to EU/Irish funds
Continuity in
UK firm
management
of Irish funds
Increase Ireland’s growth
trajectory as an
international asset
management centre
SOURCE: 1-Lipper IM Dec 2015
2-Monterrey Ireland Fund Report 2016
Current context Target outcome
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International asset management centre
Growth
‘The Basics’
•Predictability / efficiency of regulatory process
•12.5% corporate tax rate
•Common law system
•Only English-speaking country in the Eurozone
•Less expensive than Zurich, Paris & Luxembourg1
Asset Manager Activity
Infra-structure
Re-affirm Ireland’s attractiveness as an
international asset management centreOpportunity
Benefits
SolutionProvide UK managers with options to support the
establishment of a physical presence in Ireland
NOTES:
1. Source PwC
2. http://www.iaim.ie/why-ireland (STEM = Science, Technology, Engineering &
Mathematics) & http://www.hea.ie/sites/default/files/awards_-
_all_undergraduate_by_level_and_field.xlsx
3. IFS 2020 Action Plan 2017 (http://finance.gov.ie) & IDA Ireland
4. MiFID firms, UCITS ManCos, Irish AIFMs & Non-Irish AIFMs
• Space for 100K new employees by 2020, 100K new houses3
• Leading global tech centre & fintech location
• London-Dublin: Most flight options in Europe
• 35K+ employed in international financial services in Ireland, 14K in funds industry
• 130K degree-level graduates across business, law and STEM w/ 20K new grads p.a.2
• 800+ investment firms active in Ireland4
• Increased presence of front office activities
• 18 of the top 20 global AMs have Irish funds
• €4trn total AuA, €300bn managed from Ireland2
• AM counterparties already in transit from UK
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CP86 Update - Mark Browne, Dechert.
MMF & MMFR developments - Sarah Murphy, PwC.
Ireland as a leading ETF location & CBI ETF Discussion Paper / PE in
Ireland & the new Investment Limited Partnership - Iain Ferguson,
McCann Fitzgerald.
Irish Funds Update talks
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CP 86 Overview
• Review of Fund Governance by Central Bank of Ireland
• Primarily focuses on:
– Delegate oversight
– Organisational Effectiveness
– Directors’ Time Commitments
– Managerial Functions
– Operational Matters
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Who does it apply to?
It applies to the following entities incorporated and authorized in Ireland:
• UCITS Management Companies
• Alternative Investment Fund Managers (AIFMs)
• Self-managed UCITS investment companies and ICAVs
• Internally Managed Alternative Investment Funds (AIFs)
(“Fund Management Companies”)
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Letterbox Entities and Delegation
• extensive provisions on anti-letterbox tests.
• outsourcing / delegating tasks or functions but NOT responsibilities.
• Delegation by Fund Management Companies does not reduce a board’s ultimate
responsibility.
• Directors must at all times retain and exercise overall control of the relevant company’s
management and supervision of its delegates.
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ESMA Principles on Supervisory Approach to Relocations from UK
• Opinion setting out general principles aimed at fostering consistency in:
– authorisation;
– supervision; and
– enforcement
related to the relocation of entities, activities and functions from the United Kingdom.
• Addressed to national competent authorities (NCAs), in particular of the 27 Member
States that will remain in the EU (EU27).
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ESMA Principles on Supervisory Approach to Relocations from UK
• “The EU27 have a shared interest in building a common approach to dealing with
relocating firms that wish to continue to benefit from access to EU financial
markets. Firms need to be subject to the same standards of authorisation and
ongoing supervision across the EU27 in order to avoid competition on regulatory
and supervisory practices between Member States. Effective and efficient
supervision are essential to support the Capital Markets Union.” – Steven Maijoor
• View of Central Bank of Ireland
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Agenda
• MMF – size of the market
• Background - where it all started…
• Timeline
• Key points
• Accounting & tax matters
• Current status
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Background – where it all started..
• Financial crisis – noise in the system
• 2011 G20/FSB “strengthen the oversight and regulation of shadow banking system”
• FSB/IOSCO recommendations
• FSOC/SEC/EC
• 2013 – European Commission Proposal
• What did this look like?
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Timeline
• Commission proposal 04 September 2013
• Council compromise proposal (1) 10 November 2014
• Council compromise proposal (2) 27 November 2014
• Council compromise proposal (3) 17 December 2014
• Council Italian Presidency progress report 17 December 2014
• Council compromise proposal (4) 12 April 2016
• Council compromise proposal (5) 10 May 2016
• Council compromise proposal (6) 10 June 2016
• Council General Approach 15 June 2016
• European Parliament draft report 04 March 2015
• European Parliament text adopted in plenary vote 29 April 2015
• Political Agreement 14 November 2016
• European Parliament adoption 05 April 2017
• Council endorsement 16 May 2017
• Publication in OJ 30 June 2017
• Entry into force 20 July 2017
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Key Points
• The MMF Regulation permits four types of Money Market Funds (“MMF”):
Public debt constant NAV MMFs (“Public Debt CNAV MMFs”)
Low volatility NAV MMFs (“LVNAV MMFs”)
Short-term variable NAV MMFs
Standard variable NAV MMFs
• Some of the main differences between the existing Irish CNAV MMFs and the
two new types of CNAV MMF (LVNAV and Public Debt CNAV):
Eligible Investments
Fund valuation
Liquidity requirement
Fees and gates
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Accounting & tax matters
• Cash & cash equivalents – no change to accounting standards. Industry and accounting
standards setters have not considered yet.
• IFRS 9 – potential impact on classification as AFS.
• Tax - There should be no change for investors in Public Debt CNAV/LVNAV MMFs (NAV of
the fund should remain constant)
• Impact on investors in VNAV funds will need to be considered -
Investors that are taxed on a realisation basis - any uplift in NAV likely a taxable event on redemption.
Investors that are taxed on a fair value basis - any uplift in NAV may be subject to tax on an unrealised basis.
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Current Status
• The EU Money Market Fund Regulation was published on 30 June 2017 in the EU Official
Journal and became effective on 21 July 2018.
• New funds have 12 months (to July 2018) and existing funds have 18 months (to January
2019) to achieve compliance with the Regulation.
• ESMA consultation on Delegated Acts.
• The Regulation will be reviewed by the Commission five years after entry into force.
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McCann Fitzgerald
Iain Ferguson
Ireland as a leading ETF location & CBI ETF Discussion Paper /
PE in Ireland & the new Investment Limited Partnership
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• Irish funds industry centre for excellence: ETF issuers have access to services providers with specialist legal, tax and accounting expertise applied through highly automated and scalable global models.
• Home to some of the top ETF issuers in Europe, Ireland is at the forefront of innovative product, operational and infrastructure development, including the ICSD model to centralise settlement of ETF shares.
• Ideally located as a hub for cross-border fund distribution and one of the main domiciles for UCITS funds.
• Internationally recognised jurisdiction with membership of the EU, Eurozone, OECD, FATF and IOSCO and one of the most open economies in the world.
Ireland as an ETF location & CBI ETF Discussion Paper
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Ireland as an ETF location & CBI ETF Discussion Paper
• Straightforward, fast and cost efficient primary listings offered on the Irish Stock Exchange (ISE), that allow ETF issuers access to the London Stock Exchange’s (LSE) market.
• Well-established but sufficiently flexible UCITS framework that allows promoters to structure a wide variety of index-tracking and actively managed ETFS and bring innovative and complex products to market quickly.
• ETFs benefit from Ireland’s neutral tax regime. Among other benefits, income and gains derived from investments are exempt from Irish tax. In addition to a transparent domestic tax regime Ireland has a continuously expanding, favourable tax treaty network spanning over 70 countries.
• Continued regulatory flexibility and sensitivity to market developments including the growth of non-traditional indexing strategies, or Smart Beta, and the introduction of Active ETFs.
3535 irishfunds.ie
• ETFs discussion paper from the Central Bank of Ireland – why?
• Themes
– Investor expectation
– Liquidity
– Increasing popularity of ETFs
• Discussion items
– ETF dealing
– ETF risks
– Types and features of ETFs
– ETFs and market liquidity
Ireland as an ETF location & CBI ETF Discussion Paper
3636 irishfunds.ie
PE in Ireland & the new (and improved!) ILP
• Private equity funds – global appetite
• Private equity through Irish funds and a fully engaged Central Bank of Ireland
• Significant benefits to a fully regulated Irish private equity structure
3737 irishfunds.ie
PE in Ireland & the new (and improved!) ILP
• ILP - completing the “toolkit” for fund providers in Ireland
• Heads of legislation agreed by Irish government and due for publication (in days!)
• Technical, but necessary, adjustments to Irish Limited Partnership structure to ensure
consistency with similar offerings globally
• Significant utilisation expected based on investor/fund promoter feedback for all the usual
reasons for selection of Ireland as fund domicile
3838 irishfunds.ie
John Aherne, A&L Goodbody
Patrick Schleiffer, Lenz & Staehelin
MiFID II – Distribution of Irish Funds in EU and Switzerland
3939 irishfunds.ie
Overview
• Scope
– MiFID investment firms, credit institutions providing MiFID services (but not just EEA based
clients!)
– UCITS Mancos/AIFMs only where providing Article 6(3)/6(4) services (e.g. IPM)
• MiFID II package comprises
– Level 1: Recast MiFID directive and MiFIR
– Level 2: Delegated acts and Regulatory technical standards
– Level 3: ESMA guidance, ESMA Q & As
• Transpose by July 2017 and effective from 3 January 2018
• Implemented in Ireland: MiFID Regulations SI 60/2017 (generally a copy out approach)
MAIN-37501412-1
4040 irishfunds.ie
Overview
Investo
r P
rote
ctio
n
Inducements (including research)
Product governance (target market)
Cost and charges
Execution only and appropriateness
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Inducements
• “Independent” investment advice/portfolio management:
• Ban on receiving and retaining payments/commissions/non-minor benefits from product provider (other than
minor non-monetary benefits)
• Off-setting against a firm’s own fees is same as retaining
• Quality Enhancement Test
– Criteria
• justified by the provision of an additional, or higher, level of service;
• it must not directly benefit the firm without tangible benefit to the client; and
• for ongoing inducements, there must be ongoing benefits to the client.
– Record-keeping and disclosure
• Inducements received or paid
• How these enhanced client service
• Client disclosure (ex-ante and ex post at least annually)
MAIN-37501412-1
4242 irishfunds.ie
Inducements
MAIN-37501412-1
Independent Advice and
Discretionary management
All other investment
services
Inducements received
(and retained) from a
third party
Not allowed
(except for minor non-monetary benefits
(MNB) if disclosed and enhance quality of
the service and there is exhaustive list of
MNB)
Allowed subject to disclosure
and QET
Inducements paid to a
third party
Allowed subject to disclosure and QET Allowed subject to disclosure
and QET
4343 irishfunds.ie
Investment research
• Prohibited for MiFID investment managers but may be received if:
Paid by the investment firm from its own P & L (recovery through AMC increase?)
Paid by the client through a research payment account (RPA)
• RPA model subject to detailed requirements including:
Research budget and client agreement to the research budget
Agree means/frequency of deducting research costs over the year (upfront versus alongside
execution commissions)
Control and oversight environment/robust quality criteria on research purchased
Written research policy available to clients
Client reporting
• No gold plating in Ireland to Mancos/AIFMs.
MAIN-37501412-1
4444 irishfunds.ie
Product Governance
• Product manufacturers: investment firms that create, develop, issue and/or design investment products
• Product distributors: investment firms that offer and/or recommend investment products and services
• Mancos/AIFM: out of direct scope but: MiFID firm manufacturing a product with a non-MiFID firm needs collaboration agreement/rules on
mutual responsibilities re manufacturing
MiFID firm distributing a non-MiFID firm’s product needs an agreement to obtain information if not publicly available
Commercial realities (e.g. EFAMA EMT)
Synergies with current responsibilities of Mancos/AIFM – e.g. distribution role of designated person under CBI’s CP86 guidance
• Target market: ESMA Level 3 Guidelines must be sufficiently granular across 5 considerations (client type, risk tolerance, ability to bear loss,
knowledge, objectives and needs)
Negative target market
Proportionality regime
MAIN-37501412-1
4545 irishfunds.ie
Product Governance
Manufacturer Distributors
• Product approval process (new
products and significant adaptions)
Identify target market
Assessment of relevant risks
Distribution strategy
• Regular product reviews
• Scenario analysis/stress testing for
risks and taking appropriate steps
• Governance and oversight (with
compliance input)
• Make necessary info available to
distributors
• Steps to ensure products are sold to TM
and function as intended
• Determine target market of the financial
instrument for its clients
• Processes to ensure products offered in
line with the identified target market
• Regular product reviews
• Ensure sales staff understand the
product’s characteristics and risks
• Governance and oversight (with
compliance input)
• Provision of sales info to PM
• Arrangements to obtain sufficient info
from PM (including target market and
distribution strategy)
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Cost transparency
• Enhanced cost transparency drivers:
MiFID II, PRIIPs, UK DC workplace pensions…..
• MIFID II requires:
Ex ante: Clients of all costs on an aggregated basis PRIOR to investment (can be
estimated but related to actual costs)
Ex post: Inform clients about all costs at least annually DURING investment
Aggregate distributor's own costs (including rebates to be disclosed separately)
and product costs (provide itemised breakdown on request)
Costs shown as cumulative effect on return
• Obligation to liaise with the UCITS Manco /AIFM for information not publicly available ( e.g.
transaction costs)
• UCITS OCF – is it redundant?
MAIN-37501412-1
4747 irishfunds.ie
Execution only/Appropriateness
• Investment firms required to conduct appropriateness test for sale of complex products
(request information on client’s knowledge and experience to assess appropriateness)
• List of non-complex products includes UCITS (except structured)
• Automatically complex products:
structured UCITS
AIFs (but EFAMA pushback on ESMA Q & A)
Test in Article 57 of Delegated Regulation for “other non-complex financial instruments”
MAIN-37501412-1
4848 irishfunds.ie
New Swiss Financial Services Act
• New Swiss Financial Services Act (FinSA)
– New rules on client segmentation (similar to MIFID 2)
– New rules at point of product: uniform prospectus rule generally applying to any securities offered
in/into Switzerland (similar to EU PD/PR)
– New rules at point of sale: market conduct rules
• Currently under debate in Swiss parliament
• FinSA expected to enter into effect on 1 January 2019 (together with new Swiss Financial
Institutions Act inter alia providing for harmonized regulation for asset manager providers)
4949 irishfunds.ie
New Rules at Point of Product (Cross-Border)
Offering of Irish Funds per Client Category
Offering of Irish Funds
into Switzerland
Registration
of Fund
in Switzerland
Registration
of Prospectus
in Switzerland
KID Appointment
Swiss Representative/
Swiss Paying Agent
Comments
Institutional Clients
(similar to eligible counterparty
category under MiFID II)
No No No No Lower regulation
Professional Clients
(similar to professional client category
under MiFID II)
No No No No Lower regulation
HNWIs with Opting-out
(to be treated as professional client)
No No No Yes Lower regulation
Private Clients with
discretionary portfolio agreement
advisory agreement
No Yes No/
yes
No Stricter regulation
Private Clients (retail) Yes Yes Yes Yes Stricter regulation
5050 irishfunds.ie
New Rules at Point of Sale (Cross-Border)
Swiss Client Adviser Register
Main Registration Requirements Comments
Client adviser (C/A) to register with Swiss Client Adviser Register
• C/A: natural person providing financial services, i.e. person having contact to clients (such as
sales force, investment advisers, RMs)
• Delegation to Swiss Government to exempt C/A of non-Swiss financial service providers
subject to prudential supervision, provided services to be rendered exclusively to institutional
clients/professional clients (w/o HNWIs)
Stricter regulation
Key will be that C/A of financial
service providers subject to
prudential supervision are
exempted
C/A to comply with education/training requirement of FinSA Stricter regulation
Duties of conduct
• Duty to comply with duties of conduct under FinSA
• To institutional clients: duties of conduct of FinSA do no apply
• To professional clients (w/o HNWIs): may waive certain duties of conduct
Stricter regulation
C/A to obtain professional liability insurance Stricter regulation
C/A to join an ombudsman’s institution under FinSA Stricter regulation
5151 irishfunds.ie
New Rules at Point of Sale (Cross-Border)
Requirements per Client Category
Offering of Irish Fund
Into Switzerland by
Non-Swiss FSP
License
Requirements
Registration with
Swiss Adviser
Register
Swiss Duties of Conduct
applicable
Comments
Institutional Clients
(similar to eligible counterparty
category under MiFID II)
No No (expected) No Key will be that
registration
requirement does not
apply
Professional Clients
(similar to professional client
category under MiFID II)
No No (expected) May be partially waived by
professional client
Key will be that
registration
requirement does not
apply
HNWIs with Opting-out
(to be treated as professional
client, with exceptions)
No Yes May be partially waived by
professional client
Stricter regulation
Private Clients with
discretionary
portfolio/advisory agreement
No Yes Yes Stricter regulation
Private Clients (retail) No Yes Yes Stricter regulation
5252 irishfunds.ie
FinSA: Key Differences to EU Regulations
• No requirement to establish branch/obtaining regulatory license if distributing funds (and
other financial instruments) on a cross-border basis into Switzerland
• No license requirement for mere investment advisers (but duty to register in Swiss adviser
register)
• Execution only orders of retail clients available for any financial instruments
• Inducements not prohibited in the context of discretionary mandates
• No distinction between dependent and independent financial services
• No product governance rules
Irish Funds, Zurich Seminar
CS Investor Services - Setting up in Ireland
External
Credit Suisse Investor Services
21 September 2017
People
Credit Suisse Investor Services (CSIS)Our growth is based on our people’s skills and partnership with our clients
Client segments: Pension funds, insurance companies, banks, asset
managers, family offices, UHNWIs, external asset managers, fund
management companies
Fund domiciles: CH, LU, KY, BVI and IRL
Fund types: UCITS & AIFs
Asset types: Liquid & illiquid (including real estate funds)
661Funds
200+Fund specialists
Switzerland
Luxembourg
Ireland
Poland
Growth
Credit Suisse Investor Services
Clients
311
140
today2009
AuA growth from
Q4 2009 until
today (as of 31
July 2017, in bn
CHF):
+120%AuA
5521 September 2017
Fund
Administratio
n&
Transfer
Agent
Depository
Bank
Fund
Management
Company &
Distribution
Support
CS
Core
Services
Ireland market entry completes our pan-
European coverage model of
regulated fund domiciles
Extending the integrated model to Ireland
enhances our UCITS and AIF offering
CS has decided that Ireland will be the
future centre for servicing all offshore
structures
Ireland market entry enhances
diversification while leveraging our
capabilities across Europe
Integrated model – a one-stop-shop for our clients Strategic goals for CS’ Ireland coverage
56
Integrated service offeringWe are a one-stop-shop for UCITS, AIFs and non regulated fund structures
Credit Suisse Investor Services 21 September 2017
Rationale for expansionFive key drivers to expand our integrated fund services value chain to Ireland
Ireland as the second largest European fund services market, represents a major
growth opportunity for CS as a fund service provider.
Growth strategy
A subset of clients have indicated a desire to use Ireland as their principal fund
servicing centre
Client needs
The opportunity to passport our established EU-based, third party management company
and create a branch of our Luxembourg bank
EU regulation
We consider the our integrated model of Fund Administration, Depository Bank,
Management Company & Distribution Support to be a unique offering in the Irish market
Integrated model
Ireland market entry enables CSIS to leverage existing investments in people,
processes and technology
Leverage investment
57Credit Suisse Investor Services 21 September 2017
Expansion to IrelandTailor-made fund solutions and services in Switzerland and Europe
Credit Suisse (Luxembourg) S.A.
Depositary Bank
Credit Suisse Fund Services (Luxembourg) S.A.
Fund Administration
Credit Suisse (Poland) Sp Z.o.o. –
Info Management
Operational leverage for existing
CSIS fund domiciles
MultiConcept Fund Management S.A.
Fund Management company for third-party-clients
Credit Suisse Funds AG
Fund Management Company and Fund
Administration
Credit Suisse (Switzerland) Ltd
Depositary Bank
Credit Suisse (Luxembourg) S.A., Ireland Branch
Depositary Bank
Credit Suisse Fund Services (Ireland) Ltd
Fund Administration
MultiConcept Fund Management S.A.
Fund Management Company passported from Lux
58Credit Suisse Investor Services 21 September 2017
Credit Suisse experience when expanding to IrelandA highly developed and mature fund services market
59
Authorisation
Processes
Support
Ireland is a
highly mature
regulatory
environment,
consistent with
Switzerland
and
Luxembourg
Transparent,
open and
communicative
Leverages best
practice set
down in UCITS
and AIFMD
9 months for full
authorisation of
all three legal
entities
Highly experienced
and qualified staff
on site
Professional
services provided by
- legal firms
- advisory firms
Regulatory
Environment
Ecosystem
The industry in Ireland
is mature and
supported through
representative bodies
and forums
Irish Funds in
particular were
supportive, providing
guidance and industry
connections
Credit Suisse Investor Services 21 September 2017
Distribution supportCSIS supports clients’ growth ambition along distribution value chain
21 September 2017 60
Distribution strategy
Fund documents including publication
Distribution agreements
Registration all countries
Trailer fee management
Sales
Supporting your distribution activities worldwide Distribution support services by CS
Credit Suisse Investor Services
Distribution of Irish funds Switzerland as one of the key markets for the distribution of Irish funds in Europe
Source: Irish Funds, 2017
61Credit Suisse Investor Services
2013
1’130
20162015
1’568
2014
1’371
1’689
#5
#IRL funds distributed in
CH
Top markets
21 September 2017
Disclaimer
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The information provided herein was produced by Credit Suisse Group AG and/or its affiliates (hereafter "CS") with the greatest of care and
to the best of its knowledge and belief.
The information and views expressed herein are those of CS at the time of writing and are subject to change at any time without notice.
They are derived from sources believed to be reliable.
CS provides no guarantee with regard to the content and completeness of the information and does not accept any liability for losses that
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62Credit Suisse Investor Services 21 September 2017