Under Directive 2009/65/EC (the “UCITS
Directive”), relating to undertakings for collective
investment in transferable securities (“UCITS”), a
UCITS management company (“UCITS ManCo”) means a
company whose regular business is the management of
UCITS.
This briefing sets out the main steps involved in
establishing a UCITS in Ireland.
A UCITS ManCo is responsible for the investment management functions in relation to the UCITS it manages and may also perform additional functions such as administration, marketing and other activities relating to the UCITS.
To establish a UCITS ManCo in Ireland an application for authorisation must be submitted to the Central Bank of Ireland (the “Central Bank”).
An authorised UCITS ManCo may also obtain an extended authorisation to act as an alternative investment fund manager (“AIFM”) of alternative investment funds (“AIFs”) under the Alternative Investment Fund Managers Directive. This type of management company is colloquially known as a SuperManCo as its management extends to both UCITS and AIFs.
A UCITS ManCo may also be authorised to provide individual portfolio management (“IPM”) and/or “non-core” services of investment advice or safe-keeping and administration. This authorisation is subject to additional requirements, particularly in relation to staffing and substance.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
