Capita Financial Group – Ireland Paul Nunan
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Capita Financial Group – Ireland Paul Nunan

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Capita Financial Group – Ireland Paul Nunan Capita Financial Group – Ireland Paul Nunan Presentation Transcript

  • Capita Financial Group – Ireland Paul Nunan 3 rd July 2007
  • Capita Financial Group Ireland Introduction
    • Irish Fund Servicing Industry & Growth
    • Irish Fund Structures
    • Industry Trends
    • Industry Challenges
    • Regulatory Update
    • Capita Financial Group in Ireland
  • International Funds Industry in Ireland Industry Statistics
    • Irish Registered Collective Investment Schemes
    • Alternative Investment Funds 2003 - 2005
    +5.4 ytd +25% +35% +20% +19% +7% +36% +39% Annual % Growth 4087 3798 3712 3507 3300 2870 2392 2392 No. of Funds +2.9% ytd +8% +2% +7% +6% +15% +20% +22% Annual % Growth 769 March 2007 730 2006 585 2005 435 2004 362 2003 304 2002 284 2001 208 2000 Net Asset Values (Eur Billion) Year End 354 3020 June 2005 +138% +43% % Increase 149 Net Asset Value 2113 Number of Funds (incl. Sub funds) March 2003
  • International Funds Industry in Ireland Industry Statistics
    • Funds industry in Ireland
    • Over 1 Trillion euro in Assets under administration
    • Worlds largest centre for the servicing of alternative investment funds
    • Over 1/3 of AIF’s serviced in Ireland
    • 8,323 people employed in Funds servicing industry at start of 2007
    • Average length of service for middle management now stands at greater then five years
  • International Funds Industry in Ireland Why Ireland?
    • Flexible but robust jurisdiction for regulated products
    • “Safe pair of hands”
    • Irish Stock Exchange (Irish and non-Irish Domiciled Funds)
    • Time Zones
    • Language
  • International Funds Industry in Ireland Main Categories of Irish Funds
  • International Funds Industry in Ireland Authorisation Procedure for Funds
    • Irish Financial Regulator – Responsible authority for the authorisation of funds
    • Promoter and Investment Manager Approval
      • Promoter / Investment Manager application Form
    • Fund Structure Approval
      • Detailed Fact Sheet – Key aspects of the proposed structure
    • Funds Documents
      • Prospectus
      • Custody Agreement
  • International Funds Industry in Ireland Tax Implications of Irish Domiciled Funds
    • Irish Domiciled Funds
    • UCITS and Non-UCITS are exempt from all sources of Irish Tax
    • Non-resident investors
    • Exempt from taxation on income and gains arising from their investments.
    • No WHT applies to any distribution of income or gains
    • The issue of shares in a fund is exempt from capital duty
    • Taxation of the fund’s assets
    • Double tax Treaties
  • International Funds Industry in Ireland Industry Trends
    • Consolidation of Service Providers
    • State Street acquisition of IFS and IBT
    • Northern Trust & Barings
    • Citigroup and Bisys
    • Increase in service offering
    • “Middle Office”
    • Daily information
    • Growth in complex asset types and strategies
    • CDS, CDO, ABS Funds
  • International Funds Industry in Ireland Industry Challenges
    • Capacity
    • Opening of other locations within Ireland
    • Outsourcers outsourcing, - India, Malaysia, Eastern Europe
    • Systems, Drive for more automation
    • Client Requirements
    • Risk Reporting
    • Performance Reporting
    • Daily P&L / NAV
    • Growth in complex asset types and strategies
    • Complex Pricing requirements
  • International Funds Industry in Ireland Regulatory Update
    • Qualifying Investor Funds (QIF)
    • 24 hour authorisation by Irish regulator
    • Non UCITS
    • Minimum Subscription of €250,000
    • Investment Company, Unit Trust, LP or CCF
    • Attractive for Hedge Funds, Fund of Hedge Funds, Private Equity, Real Estate Funds
    • Investment Funds, Companies and Miscellaneous Provisions Act
    • Provides for segregation of liability between sub-funds of an Irish umbrella fund structured as an investment company
    • Permits cross investment between sub-funds of an umbrella
  • Capita Financial Group Capita Ireland
    • Capita Financial Administrators (Ireland) Limited (CFAI)
      • Administration company
      • Authorised under IIA on 12 July 2006
    • Capita Financial Managers (Ireland) Limited (CFMI)
      • Management Company
      • Authorised under Management Company Directive on 12 July 2006
    • Experienced staff
      • Hedge Funds and Alternative Investment Funds
      • Qualified Accountants at all management levels
    • Systems
      • Utopia Transfer Agency system
      • SunGard Invest One Fund Accounting System
      • Proven systems for Hedge and Alternative Fund Administration
  • Capita Financial Group Capita Ireland – Services Provided
    • Capita Financial Administrators (Ireland) Limited
      • Fund Administration
      • Transfer Agency / Shareholder Servicing
      • Financial Statement Preparation
      • Corporate Secretarial Services
      • Tax Assistance – US Tax Reporting (PFIC, K1) and German Tax
      • Compliance monitoring of investment restrictions
    • Capita Financial Managers (Ireland) Limited
      • Corporate governance support
      • ‘ Host’ management company
      • Board of directors
  • Capita Financial Group Capita Ireland
    • Operating model
      • Client driven operating model
      • Single knowledgeable point of contact
      • Scalability/capacity
      • No legacy issues
      • Systems
  • Capita Financial Group Capita Ireland – ‘Host’ Management Company
    • Unique in Irish marketplace
    • Analogy with highly successful ACD business in the UK
    • Facilitates entry into the Irish market
      • No suitably licensed management/investment management company
      • Tax/regulatory complications (e.g. Spanish based asset managers)
      • Speed to market
    • Corporate governance assistance
      • Some or all of the board of directors
  • Capita Financial Group Capita Ireland – Sample Fund Structures
    • UCITS III
    • Structured Products through UCITS platform
    • Fund holds one TRS tracking an underlying strategy
    • Capita acts as Manager, Investment Manager and Administrator (Client appointed as Investment Advisor)
    • Hedge Funds
    • Dublin Domiciled (QIF)
    • BVI domiciled
    • Cayman Funds
    • Other
    • Master / Feeder
    • Limited Partnerships
    • Umbrella Funds
  • Capita Financial Group Capita Ireland – 2007 / 2008
    • “ Middle Office”
    • Risk Reporting
    • Performance Reporting
    • Automation
    • Automated Trade interfaces with Client, Custodians and Prime Brokers
    • Automated Reconciliation Tool (Positions, prices, market Values)
    • Web Access
    • Client web access to Fund accounting system
    • Shareholder web access
  • Capita Financial Group Capita Ireland – Contact details
    • 1 Adelaide Court, Adelaide Road Dublin 2
      • +353 1 400 5300 (general)
    • Paul Nunan
      • [email_address]
      • +353 1 400 5302 (direct)
      • +353 868553069 (mobile)