Ireland meets Germany: New Trends in the European funds Industry 1 December 2015 2
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Welcome Frank Dornseifer BAI 5
BAI – the cross-asset and cross-product association for Alternative Investments BAI/IFIA INSIGHT 30 FRANKFURT, December 01, 2015
BAI – key facts (1) • Founded 1997 in Bonn – based in Germany, European focus. • At present, BAI counts 153 member companies from all areas of the alternative investment industry. • BAI is a “ catalyser ” between German institutional investors and suppliers of alternative investment products worldwide (infrastructure, private equity, hedge funds, real assets, etc.). Our goal is to enhance the environment for German professional investors when diversifying their financial assets into Alternative Investments, especially as many of those investors are responsible for safeguarding long-term retirement pensions. 7
BAI – key facts (2) • Another objective of the association is to increase the awareness level and the understanding of these asset classes and strategies in public (c.f. BAI Fact Sheet series, BAI science award). • 2012 establishment of BAI Investors Committee with representatives of relevant investor groups (insurance companies, pension funds, pension schemes, corporates, etc.). 8
CONTACT RA Frank Dornseifer Managing Director Bundesverband Alternative Investments e.V. (BAI) +49 228 969870 dornseifer@bvai.de
Thank you
Welcome & Introduction Dr. Stefan Hoops Deutsche Bank 11 11
Industry update and key developments Kieran Fox Irish Funds 12 12
Who/what we are…. • industry association for all aspects of regulated cross border funds in Ireland – representative function – promotional function • 111 member firms, located both in and outside Ireland • key link to the authorities & policy makers in Ireland and beyond • the industry’s representative in Europe and globally • a platform for collaboration, information sharing and driving outcomes & improvement 2
How we operate 3
The Irish funds industry • supports managers from all over the world Fund Manager • full range of services for Irish domiciled funds as well as providing expert services Irish Administered for funds domiciled outside of Ireland Funds • solutions are provided to managers Irish Domiciled Non Domiciled across the full spectrum of investment Funds Funds strategies UCITS Non UCITS 4
What does the industry in Ireland provide? • Investor Access: European Market and beyond • Service Excellence via a young, educated workforce • Low Costs • Low Tax Environment • Regulatory Environment • Commitment from Government • Infrastructure : language/legal/telecommunications 5
The Irish funds industry in 2015 6
Overview of the Irish funds industry in 2015 841 asset managers from more than 50 countries use Ireland to administer more than 13,000 funds with € 3.6 trillion in assets 463 asset managers have over 6,000 Irish domiciled funds and sub-funds with assets of € 1.8 trillion 7 German promoters of with 96 Irish domiciled funds & $47 billion in AUM The Irish funds industry supports distribution of investment funds to more than 70 countries around the world, in 23 currencies 2014 saw record net sales into Irish domiciled funds of more than € 135 billion 50% of all European ETFs are domiciled in Ireland Ireland administers >40% of the world’s hedge funds Source: Central Bank of Ireland, Monterey Fund Report 2015, Irish Funds 7
German Promoters of Irish Funds 7 German promoters of with 96 Irish domiciled funds & $47 billion in AUM 81 UCITS funds 15 AIFs Asset Allocation of German Managed Irish Asset Allocation of German Managed Irish Funds Funds - Execluding Cash Funds 3% 2% 1% 1% 1% 0% 3% 0% 5% Cash/Short-Term Exchange Traded Equities 6% 7% Exchange Traded Equities Equities 10% Equities 37% Bonds Bonds 10% Mixed Equities/Bonds Mixed Equities/Bonds Convertibles 13% Convertibles Alternative Investment Alternative Investment Private Equity/Venture Capital 73% Private Equity/Venture Capital Fund of Funds Fund of Funds 28% Source: Monterey Ireland Fund Report 2015 8
Distribution and investor support Global Distribution of Irish UCITS • broad mix of institutional and retail clients served • 30 languages supported • 23 currencies supported Source: Lipper, PwC & Irish Funds, 2013 9
Total Assets of Irish Administered Funds 10
Irish Domiciled Funds UCITS Non-UCITS Net Assets & Number of Funds Net Assets & Number of Funds UCITS continue to represent >75% of Irish Domiciled Assets Source: Central Bank of Ireland 11
Irish Domiciled Funds: Non-UCITS Qualifying Investor Alternative Investment Funds (QIAIFs) Source: Central Bank of Ireland 12
Developed areas of expertise Irish Administered Alternative Ireland as a Domicile for Investment Funds European ETFs Ireland Rest of the 40% world 60% Source: HFM Week, Irish Funds - April 2013 Source: Irish Funds, July 2015 13
Regulation & Policy Setting What has changed since we last met? • European changes New European Commission and Commissioner : Lord Hill • Capital Markets Union (“CMU”) Project • • Irish developments • Launch of the Irish Collective Asset-management Vehicle (ICAV) • Publication of UCITS regulations by the Central Bank of Ireland • Investor Money Regulations • Fund Governance consultations 14
Looking forward………. • Capital Markets Union (CMU) has prompted a new beginning in the dialogue between the industry and policy makers – Call for Evidence is a clear opportunity – Commission will also be speaking to each Member State – Linking into these processes via multiple channels imperative • Capability building is at the core of what we are doing – Product – Market Access (Investment and Investor) – Ease of doing business • Our interests are aligned and we are natural/longstanding partners 15
Conclusion International Hub for Globally Distributed Investment Funds + Unrivalled Experience and Expertise in the Widest Range of Fund Structures 16
Thank you
Why Ireland? Niamh Haughey IDA 29 29
Vorstellung von Irland
Agenda IDA Ireland Auslandsinvestitionen in Irland – ein Überblick Warum Irland für Auslandsinvestitionen? Fallbeispiele Vorteile von Irland im Vergleich zu anderen europäischen Ländern Wie kann IDA Ireland Sie unterstützen? 31
Struktur, Schwerpunkt und Fokus von IDA Ireland IDA Ireland ist verantwortlich für die Anwerbung und die weitere Die Regierung Entwicklung von ausländischen Investitionen in Irland Schwerpunkt Ministerium für Der Aufgabenschwerpunkt der IDA liegt darin, ausländische Arbeit, Wirtschaft Direktinvestitionen anzuwerben, die hochwertig sind, hohe Ansprüche und Innovation an Fachkompetenz stellen und die unter anspruchsvollen, wirtschaftlichen Rahmenbedingungen gut gedeihen Vorstand IDA Irelands Fokus 1. Globale Dienstleistungen (einschl. Finanzdienstleistungen) 250 Angestellte in 2. High-End-Produktion Irland 3. Forschung, Entwicklung und Innovation 80 Angestellte im Ausland 32
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Warum Irland für Auslandsinvestitionen? Gemäß des Economist Intelligence Units ist Irland einer der besten Wirtschaftsstandorte der Welt Irland hat eine hoch entwickelte, multikulturelle Bevölkerung mit äußerst qualifizierten, mehrsprachigen Arbeitskräften Die irischen Steuerregelungen sind offen und transparent Irland hat große Erfolge im Bereich Wissenschaft und Technologie vorzuweisen und investiert kontinuierlich in sein Forschungs- und Technologiepotenzial
1. Talent Eine sehr junge Bevölkerung; gebildet und produktiv Großer Talentpool von der Europäischer Union – 503 Millionen Personen 56% der Einwanderer in Irland haben ihr Studium abgeschlossen
2. Steuern Körperschaftsteuersatz von 12,5% Steuergutschrift von 25% für Forschung und Entwicklung Umfangreiches Netzwerk von Doppelbesteuerungsabkommen ( 68 ) Attraktive Steuerbedingungen für Holdinggesellschaften Attraktives Steuersystem für Anlagefonds
3. Technologie 25 Milliarden Mehr als 800 Euro Umsatz Software- 10% BIP in unternehmen Irland Mehr als 24.000 Angestellte Zweiter Platz 9 der 10 auf der Welt grö ß ten von Software- globalen exporteuren Software- unternehmen
4. Fallbeispiele – Deutsche Bank – Lemanik 39
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