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Ireland: the location of choice

A true Gateway for the
establishment of International
Funds
Agenda

  • Introduction

  • Ireland’s success in the Investment Management industry

  • The products Ireland has to offer

  • Why set up your International Funds in Ireland?

  • About PwC in Ireland

  • Ireland as a location for Shariah funds
  • Emerging and popular Islamic Investment Funds in Ireland

  • Our Islamic Finance Team




PricewaterhouseCoopers                                         Page 2
Introduction
Discover Ireland…
                         • Population – 4.5 million, Total Area – 70,280 sq. km
                         • Only English speaking country in Europe, member of the EU,
                           OECD.
                         • Well educated young workforce -
                              • Ireland has one of the youngest population’s in Europe with
                                over 36% under the age of 25 years.
                              • The education system in Ireland is one of the best in the
                                world according to the 2008 independent IMD World
                                Competitiveness Report.Almost 1 million people are in full
                                time education.
                         • Pro business environment – 2008-2012 Business Environment
                           Ranking of the Economist Intelligence Unit placed Ireland 11th
                           globally out of 82 countries, naming it as one of the most
                           attractive business locations in the world.
                         • A politically stable country and respected regulatory regime.
                         • Strategic location with easy access to the EMEA region.
                         • Excellent IT skills and infrastructure.
                         • Quality of living - Dublin ranked 25th out of 215 (in top 12%) in
                           the Mercer 2009 Quality of Living Global City rankings, ahead of
                           several major cities including Paris (33rd), London (38th), and
                           Barcelona (42nd).
                         • Ireland has a significant international tax treaty network.
                           Ireland does not appear on either the grey or black OECD tax
                           haven lists.




PricewaterhouseCoopers                                                                   Page 4
Financial Services in Ireland today …

                                 Home to 25 of top 50 world banks


                                One of the largest investment
                                 management centres in the world

                                 European location for life, non life,
                                 captives, reinsurance, securitization

                                 20,000 + employed in International
                                 Financial Services Centre and 50,000
                                 in Financial Services

                                 All island economy




PricewaterhouseCoopers                                                    Page 5
Who we are and why are we here?

                         • Islamic Finance growth :
                             • Islamic finance assets are set to reach US$1.6 trillion
                               by 2012 from US$660 billion of assets at the end of
                               2007, according to global management consulting
                               firm Oliver Wyman.
                             • It is expected that within the next decade, 50-60% of
                               the total savings of the world's 1.2 billion Muslims will
                               be in the form of Shariah compliant products.

                         • Ireland as a domicile for Shariah funds:
                             • A number of new centres of the domiciliation and
                               servicing of Shariah funds have begun to emerge in
                               Europe. Ireland is one such domicile which is
                               experiencing a rapidly growing interest in this area.
                             • Asset Managers and Banks can use Ireland as a hub
                               to launch their Shariah funds where they can
                               distribute their funds from to shareholders on a
                               European/Worldwide basis.
                             • 353 fund promoters from over 50 countries have set
                               up Irish domiciled funds which are distributed to over
                               60 countries across Europe, Asia, the Americas, the
                               Middle East and Africa.




PricewaterhouseCoopers                                                            Page 6
Ireland’s success in the Investment
       Management industry
Ireland’s Success in the Investment Management industry
                            • As of February 2009, Ireland has assets under
                              management of EUR 1.43 trillion in over 10,000 funds,
                              according to statistics from the Irish Financial Regulator
                              and the Irish Funds Industry Association (IFIA).
                            • Fund promoters can rely on Ireland as a ‘one-stop-
                              shop’ for the establishment of management companies,
                              the domiciliation of funds and unparalleled experience
                              servicing of all types of instruments. An abundance of
                              the big players of the fund servicing world are situated
                              in Ireland, with an extensive range of services available
                              including fund administrators, lawyers, custodians etc.
                            • Ireland is a mature funds market with 20 years of
                              experience in dealing with a broad range of fund
                              structures.
                            • Memoranda of Understanding: Ireland has entered into
                              bilateral MoUs with China; Dubai; Hong Kong; Isle of
                              Man; Jersey; South Africa; Switzerland and USA. A
                              new MoU with Taiwan is under negotiation. Within the
                              EU, Ireland cooperates with all relevant authorities on
                              basis of the provisions of the European directives.
                            • 12,000 skilled employees with availability of industry-
                              wide training (over 9,500 employed directly by fund
                              administrators and over 2,500 employed in associated
                              services, e.g. legal, tax, audit, listing etc.)




PricewaterhouseCoopers                                                             Page 8
Ireland – a world leader

                            • Largest hedge fund administration centre in the world.
                                (Ireland services an estimated EUR 799 bn in HF
                                assets as of Dec 2008, representing approx. 41% of
                                global HF assets, Source: IFIA & HFM Week)
                            •   Largest number of stock exchange listed investment
                                funds. (1,605 investment funds (2,209 sub funds) listed
                                as of Dec 2008, Source: ISE)
                            •   A leading European domicile for exchange traded
                                funds. (Irish ETFs were valued at EUR 31.5 bn as of
                                October 2008, Source BGI Global Investors)
                            •   Fastest growing European and UCITS fund
                                administration centre over the past five years. (Irish
                                domiciled net assets grew by 49% between 2004-2008;
                                the European average for the same period was 15%,
                                Source: Central Bank of Ireland & EFAMA)
                            •   A leading European domicile for money market funds.
                                (EUR 330 bn in Irish domiciled money market funds as
                                of Feb 2009, Source: Central Bank of Ireland)
                            •   A recognised EU and OECD, open and tax transparent
                                jurisdiction with the lowest headline corporate tax rate
                                in the OECD.




PricewaterhouseCoopers                                                             Page 9
Ireland – A Substantial and Growing Jurisdiction
                                         Irish Administered Alternative Assets




                                         UCITS
     2008 1,400bn

     2007      1,380 bn

     2006       919bn

                856bn




PricewaterhouseCoopers                                                           Page 10
Growth in Assets of Funds serviced in Dublin


                                      Growth in Assets of Funds serviced in Dublin

                              1800
                              1600
                              1400
                              1200
                 $ billions




                              1000
                                                                                     $ billions
                               800
                               600
                               400
                               200
                                 0
                                     2000 2001 2002 2003 2004 2005 2006 2007 2008
                                                         Year



    Fitzrovia figures @ 30/06/08




PricewaterhouseCoopers                                                                            Page 11
Ireland Promoters
  Domiciled Market Share Ranking by Assets as at 30 June 2008
                  Company Name                           Assets in US$Million    Prior Year Assets in US$Million


                  1     Barclays                         163,877                 134,052

                  2     Goldman Sachs                     99,910                  81,905

                  3     HSBC                              56,268                 37,268

                  4     Russell Investments               48,492                 53,824

                  5     Vanguard Group                    39,219                 36,648

                  6     Royal Bank of Scotland            39,048                 12,609

                  7     Insight Investment                36,315                 28,556

                  8     State Street                      29,132                 19,513

                  9     Blackrock Financial Management    27,979                  16,837

                  10    PIMCO                             25,763                  21,313

                  Total Irish Domiciled Funds            1,240,859              1,100, 182



    Source: Fitzrovia figures @ 30/06/08




PricewaterhouseCoopers                                                                                             Page 12
The products Ireland has to offer
UCITS – the product of choice for retail investments

                             • UCITS is the product of choice in Ireland for fund
                               managers looking to set up the following types of funds:
                                 •   Exchange Traded Funds
                                 •   Money Market Funds
                                 •   Index Funds
                                 •   Equity Funds
                                 •   130/30 Funds
                             • The UCITS product is suited to managers who would like
                               to distribute their funds to shareholders on a worldwide
                               basis. UCITS funds may avail of a “passport” allowing
                               distribution throughout the EU without having to undergo
                               authorisation in each individual jurisdiction. UCITS now
                               recognised as a global brand of quality for retail
                               investment funds.
                             • 353 fund promoters from over 50 countries have set up
                               Irish domiciled funds which are distributed to over 60
                               countries across Europe, Asia, the Americas, the Middle
                               East and Africa.
                             • No minimum subscription required.

                             • Regulatory approval : 4-6 weeks.

                             • Legal Structures: Investment Company, Unit Trust and
                               Common Contractual Fund (CCF).



PricewaterhouseCoopers                                                              Page 14
The ‘Super QIF’ – the product of choice for alternative investments

                                   • The QIF is suitable for sophisticated investors namely
                                     institutional and high net worth individuals.
                                   • It is a flexible regulated fund structure and has no
                                     investment restrictions.
                                   • The QIF is the product of choice in Ireland for fund
                                     managers looking to set up the following types of funds:
                                        •   Hedge funds
                                        •   Property funds
                                        •   Venture capital
                                        •   Private Equity
                                        •   Futures and options
                                        •   Fund of hedge funds
                                   • Investor subscription:
                                        • Qualifying Investor non-UCITS (Minimum Euro
                                          250,000 + wealth criteria)
                                   • Regulatory approval : 24 hours.

                                   • Legal Structures: Common Contractual Fund (CCF),
                                     Investment Company , Unit Trust and Investment Limited
                                     Partnership.




PricewaterhouseCoopers                                                                      Page 15
Why set up your
international funds in Ireland?
12 Compelling Reasons to Choose Ireland
                             Highly regarded and well regulated environment for
                              investment funds.
                             A leading location for the administration of international
                              UCITS funds.
                             Ireland is the largest hedge fund administration centre in
                              the world.
                             A leading cross border jurisdiction for Exchange Traded
                              Funds and Money Market Funds in Europe.
                             There are now over 4,400 funds and sub-funds listed on
                              the Irish Stock Exchange, making it the largest
                              exchange in the world for funds listing.
                             Speed to market: 24 hour approval process available for
                              Qualifying Investor Funds (QIFs) and an average 4-6
                              weeks for all other fund structures .
                             Fast track promoter approval – within one week of
                              application.
                             Flexible, proactive regulatory environment.
                             Location – optimum time zone to ensure global
                              coverage.
                             Only English speaking country in the Eurozone, Euro
                              currency
                             Extensive industry experience and expertise. In Ireland
                              today there are over 12,000 people employed directly in
                              the investment fund industry.
                             Dedicated Shariah unit within the Irish Financial
                              Regulator.
PricewaterhouseCoopers                                                            Page 17
Irish Tax Benefits

                            Ireland is the only major international fund domicile that
                             is noted as having adopted the key taxation standards
                             and principles of the OECD. Ireland does not appear on
                             either the grey or black OECD tax haven lists.
                            Ireland is a recognised EU and OECD, open and tax
                             transparent, jurisdiction with the lowest headline
                             corporate tax rate in the OECD of 12.5%.
                            Irish regulated investment funds are exempt from Irish
                             tax on their income and gains irrespective of investors’
                             residency.
                            No Irish withholding taxes apply on distributions from
                             Irish funds for non Irish investors.
                            Irish collective investment funds are not obliged to
                             charge VAT and most of the services provided to a fund
                             are exempt from VAT.
                            Common Contractual Funds (CCFs) – tax transparent
                             vehicles.
                            No stamp duty or capital duty charges on the
                             establishment of a collective investment fund.
                            Double Taxation Treaties – 50 tax agreements, 6
                             additional new treaties underway. Irish domiciled funds
                             have access to the US double taxation treaty where a
                             fund is demonstrated to be trading. This is a
                             considerable advantage for Exchange Traded Funds
                             (ETFs).

PricewaterhouseCoopers                                                           Page 18
Other Distinguishing Factors
                         •   EU Savings Directive adopted in Ireland –exchanging of information
                             regime instead of application of withholding taxes.
                         •   Irish risk management process is based on guidance notes with built in
                             flexibility. Risk monitoring for non-sophisticated funds in Ireland is on a
                             daily basis. In Ireland the risk management process is not the
                             responsibility of any designated individual.
                         •   Irish funds distribute to over 60 countries, 353 fund promoters have
                             domiciled funds in Ireland, 786 fund promoters have funds serviced in
                             Ireland.
                         •   Ireland has entered into bilateral memoranda of understanding with
                             the following jurisdictions outside the EU: China, Dubai, Hong Kong, Isle
                             of Man, Jersey, South Africa, Switzerland and the USA. Future MOU
                             planned with Taiwan.
                         •   Fastest growing European and UCITS fund administration centre over
                             the past five years. (Irish domiciled net assets grew by 49% between
                             2004-2008; the European average for the same period was 15%, Source:
                             Central Bank of Ireland & EFAMA).
                         •   Promoter capital: Irish promoters must have minimum net shareholder’s
                             funds of €635,000, or equivalent in another currency.
                         •   Promoter liability – Irish promoters not legally responsible for losses of
                             funds, as long as due care has been provided.
                         •   The Financial Regulator's Notices specifically require the custodian to
                             act in the interests of the unit holders in the funds. This provides
                             significant comfort to investors. The custodian will be directly liable to the
                             unit holders for any unjustifiable failure to perform its obligations or
                             improper performance of them. Such duties will also extend to the
                             custodian's appointment of any sub-custodians, which is of particular
                             importance to investors where assets are likely to be held in various
                             jurisdictions outside Ireland.


PricewaterhouseCoopers                                                                             Page 19
About PwC in Ireland
Our Practice in the Investment Management Industry in Ireland
                              PricewaterhouseCoopers is the leading professional
                               services firm in Ireland. According to the encyclopaedia
                               of the Irish funds industry 2008, we audit 64% of the
                               market share by sub fund assets.

                              In PwC Ireland, the IM practice is the largest part of the
                               Irish firm (20%). This group has approximately 400
                               people, 20 partners/ 50+ Directors/Managers. It is also
                               the 5th largest Investment Management practice in
                               Europe.

                              We also have in-depth understanding of the operational
                               processes and procedures of a Fund and a
                               comprehensive knowledge of fund accounting practices
                               across all major jurisdictions.

                              PwC Ireland has a thorough understanding of the
                               regulatory and taxation environment for Investment
                               Management companies located in Ireland.

                              PwC Ireland has involvement with many different
                               industry bodies including – Irish Funds Industry
                               Association (IFIA), Organisation for Economic
                               Cooperation and Development (OECD), International
                               Organisation of Securities Commissions (IOSCO),
                               Alternative Investment Management Association (AIMA)
PricewaterhouseCoopers
                               etc                                              Page 21
Our Market Share


                      Ireland – Combined (Irish and non-Irish Domiciled) Market Share



          Combined Market Share by number of Subfunds                                 Combined Market Share by Subfund Assets


                                                                                               1%
                                                                                             4%
                9%       4%
                                                            PwC                      17%                                          PwC
                                              39%
        20%                                                 KPMG                                                                  KPMG
                                                            E&Y                                                                   E&Y
                                                            Deloitte                                                55%           Deloitte
                                                            Others                   23%                                          Others
                      28%




 Information as at 30 June 2008. Source: Fitzrovia Dublin Fund Encyclopaedia: 2008




PricewaterhouseCoopers                                                                                                          Page 22
Our Market Share Continued..

                                        Ireland – Irish Domiciled Market Share



              Irish Domiciled Market Share by Subfund                                Irish Domiciled Market Share by Subfund Assets

                                                                                                 1%
                                                                                               3%
                 9%      3%                                                             12%
                                                            PwC                                                                       PwC
        18%                                   47%           KPMG                                                                      KPMG
                                                            E&Y                                                                       E&Y
                                                            Deloitte             20%                                                  Deloitte
                                                            Others
                                                                                                                      64%             Others
               23%




 Information as at 30 June 2008. Source: Fitzrovia Dublin Fund Encyclopaedia: 2008




PricewaterhouseCoopers                                                                                                                Page 23
PwC – Thought Leadership publications
   Examples of our recent thought leadership* materials include:




PricewaterhouseCoopers                                             Page 24
Ireland as a location for
     Shariah funds
Irish Financial Regulator’s new Shariah regulatory team
                           • In light of the significant activity within Shariah investment
                             funds in Ireland the Irish Financial Services Regulatory
                             Authority (the “Financial Regulator”) has confirmed the
                             establishment of a dedicated regulatory team for the
                             authorisation of Shariah funds in Ireland.

                           • In the last year, there has been an increased proliferation
                             of Shariah financial products        being   domiciled    and
                             administered in Ireland.

                           • This announcement of a dedicated Shariah regulatory team
                             demonstrates Ireland’s flexible and proactive regulatory
                             environment and further cements Ireland’s attractiveness
                             as a domicile of choice for Shariah investment funds.

                           • The new Shariah regulatory team will ensure efficiency and
                             consistency when processing Shariah applications.

                           • In addition to this, the Financial Regulator has also
                             confirmed that it will proactively engage with its regulatory
                             counterparts in MENA (Middle East & North Africa)
                             countries and other jurisdictions in order to share an
                             understanding of the respective regulatory systems.

                           • This new development should be encouraging for Shariah
                             compliant Asset Managers who are looking to expand their
                             current distribution to Europe and the Far East through
                             setting up of Irish UCITS.

PricewaterhouseCoopers                                                                Page 26
PwC - Leading the way in Islamic Finance in Ireland
                             • PwC have established a dedicated Islamic Finance team
                               comprising of experts from various line of service including
                               Audit, Advisory, Regulatory and Taxation enabling us to
                               provide comprehensive service to our clients.

                             • Our group has a detailed understanding of Shariah
                               principles, covering various school of thoughts in Islam.

                             • PwC have issued various publications on the subject for
                               Accountancy Ireland, Finance Magazine, Sunday
                               Business Post, PwC global Newsletter, Islamic Finance
                               News etc.

                             • PwC has a representation on the Industry Shariah expert
                               group advising on various issues, such as purification of
                               non Islamic income, custody of Shariah funds assets etc.




PricewaterhouseCoopers                                                              Page 27
PwC - Thought leadership in the industry on Islamic Finance

 We are proud of our track record in producing thought leadership and advisory publications in the Financial Services sector.
 Examples of our recent thought leadership* specific to Shariah funds include:




 We have also written a number of articles on Shariah Funds for publications such as, Finance Dublin, Accountancy Ireland,
 Sunday Business Post , Euromoney etc




PricewaterhouseCoopers                                                                                                    Page 28
PwC - Our Experience with Shariah Funds
                            • Advice on set up of various Islamic fund structures in
                              Ireland including UCITS, hedge funds, fund of funds and
                              ETF’s.

                            • Undertook a Gap assessment project for an Irish fund
                              administrator to advise them on how they would service
                              Shariah compliant funds.

                            • Provision of advice on Purification of non Islamic Income
                              to an Investment Manager establishing Shariah
                              compliant funds.

                            • Provided Islamic Instruments support from accounting
                              and classification perspective to an Irish administrator
                              servicing Shariah compliant funds.




PricewaterhouseCoopers                                                           Page 29
Emerging and popular Islamic
    Investment Funds
        in Ireland
Islamic Investment Funds established in Ireland to date


                             • Equity funds

                             • Exchange Traded Funds (ETFs)

                             • Fund of Hedge Funds

                             • Murabaha and Mudaraba

                             • Sukuk

                             • Long / Short (hedge funds)

                             • MMF’s being created




PricewaterhouseCoopers                                        Page 31
Our Islamic Finance Team
Islamic Finance Service Team


                    Ken Owens (Shariah Funds Assurance Partner)
                     • Ken is a Partner in the Financial Services Group specializing in assisting clients with a wide range of
                       international funds administered in Dublin. He has extensive knowledge and experience in advising
                       investment management clients including UCITS funds, Alternative Investments funds and Asset
                       Managers in Ireland. He provides a range of services to his clients including audit, SAS 70 controls
                       reporting and regulatory advisory services. Ken leads the PwC Investment Management Regulatory
                       Practice. Over the years Ken has assisted clients in structuring new funds and advised on various
                       accounting, tax and operational matters. Ken has been involved with the Dublin Funds Industry
                       Association (“IFIA”) for a number of years and has lectured on auditing and accounting issues to the
                       industry on behalf of the IFIA and the Institute of Chartered Accountants in Ireland. Ken is a member of
                       the Auditing Standards Committee of the Institute of Chartered Accountants in Ireland. Ken is a
                       chartered accountant and has a degree in accounting and finance from the Dublin City University. Ken
                       now leads the Islamic Finance Practice at PwC in Ireland.


                     Pat Wall (Tax Structuring Partner)
                     • Pat Wall is a senior partner specialising in international taxation particular focus on the investment
                       management and insurance industries. He is a partner with the firm since 1986 and throughout that
                       time he has specialised in international financial services. He has been associated with the
                       development of Dublin’s financial services sector from its inception and he has played an important role
                       in the development of Ireland’s tax policy on the international financial services. He was actively
                       involved in the transposition of the original EU directive on UCITS which laid the foundation for the
                       funds industry in Dublin. His was twice voted one of Ireland’s leading tax advisers by International Tax
                       Review. Pat currently sits on the Irish Prime Minister’s International Financial Services Centre Clearing
                       House Group (IFSC CHG), which has overall responsibility for competitive policy in international
                       financial services. Pat is a member of PwC’s European Investment Management Group. In the past he
                       has served on the firm’s international investment funds group with special responsibilities for
                       international financial centres.



PricewaterhouseCoopers                                                                                                   Page 33
Islamic Finance Service Team

                    Pat Candon (Assurance Partner)
                    • Pat worked in the Channel Islands for a number of years, specialising in the mutual funds industry. On
                      returning to Dublin in 1990 he assisted in the set up of our specialist funds audit group. He has lectured
                      extensively on the auditing and accounting aspects of funds. Pat has worked exclusively in the Irish firm’s
                      investment management practice, assisting clients in the structuring and audit of a wide range of
                      international funds administered in Dublin. Pat became the audit leader for the Dublin firm's investment
                      management practice on 1 July 2003 and served in that role until 30 June 2007. He was also a member
                      of the firm's audit leadership team in that period. He has been a member of the Irish Funds Industry
                      Association marketing committee and served on the organizing committee of the annual IFIA/NICSA
                      conference for two years.

                   Omer Khan (Shariah Funds Assurance Manager)
                   • Omer is a Manager with the Investment Management Group in Dublin and has significant experience
                     working on IFRS/Irish GAAP Funds in financial services industry. Omer is the lead manager of PwC
                     Ireland’s Islamic Finance Group which has been recently established to assist clients in the Islamic
                     Finance area. He is also a manger on a number of investment funds targeted at the Islamic Market which
                     are currently administered out of Ireland. Omer is the author of several articles on Islamic Finance in
                     Irish/European publications. Omer was involved in the implementation of a service offering around advice
                     and support on the set up of Shariah Fund Administration in Ireland - Gap Assessment. He has also
                     advised on set up of various Islamic fund structures in Ireland and provided advice on: Purification of non
                     Islamic Income, Islamic Instruments support from accounting and classification perspective, Investment
                     restriction monitoring, Cash Management & Custody of Assets.




PricewaterhouseCoopers                                                                                                   Page 34
Islamic Finance Service Team - continued
  Ken Owens              Assurance Partner   T: (00) 353 1 792 8542   E: ken.owens@ie.pwc.com

  Pat Candon             Assurance Partner   T: (00) 353 1 792 8538   E: pat.candon@ie.pwc.com

  Andy O’Callaghan       Advisory Partner    T: (00) 353 1 792 6247   E: andy.o’callaghan@ie.pwc.com

  Pat Wall               Tax Partner         T: (00) 353 1 792 8602   E: pat.wall@ie.pwc.com

  Yvonne Thompson        Tax Director        T: (00) 353 1 792 7147   E: yvonne.thompson@ie.pwc.com

  Omer Khan              Assurance Manager   T: (00) 353 1 792 8171   E: omer.khan@ie.pwc.com

  Hasan Mahmood          Assurance Manager   T: (00) 353 1 792 6984   E: hasan.mahmood@ie.pwc.com

  Caitriona Jennings     Tax Manager         T: (00) 353 1 792 6702   E: catriona.jennings@ie.pwc.com

  Nadir Asghar           AM2 (Assurance)     T: (00) 353 1 792 7908   E: nadir.x.asghar@ie.pwc.com

  Faisal Ismail          AM2 (Assurance)     T: (00) 353 1 792 7572   E: faisal.m.ismail@ie.pwc.com

  Salahuddin Ghaznawi    SA2 (Assurance)     T: (00) 353 1 792 5213   E: salahuddin.ghaznawi@ie.pwc.com

  Pankaj Arora           SA1 (Assurance)     T: (00) 353 1 792 7417   E: pankaj.arora@ie.pwc.com




PricewaterhouseCoopers                                                                                    Page 35
Any Questions?




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© 2009 PricewaterhouseCoopers. All rights reserved. "PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers
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International Funds Ireland

  • 1. Ireland: the location of choice A true Gateway for the establishment of International Funds
  • 2. Agenda • Introduction • Ireland’s success in the Investment Management industry • The products Ireland has to offer • Why set up your International Funds in Ireland? • About PwC in Ireland • Ireland as a location for Shariah funds • Emerging and popular Islamic Investment Funds in Ireland • Our Islamic Finance Team PricewaterhouseCoopers Page 2
  • 4. Discover Ireland… • Population – 4.5 million, Total Area – 70,280 sq. km • Only English speaking country in Europe, member of the EU, OECD. • Well educated young workforce - • Ireland has one of the youngest population’s in Europe with over 36% under the age of 25 years. • The education system in Ireland is one of the best in the world according to the 2008 independent IMD World Competitiveness Report.Almost 1 million people are in full time education. • Pro business environment – 2008-2012 Business Environment Ranking of the Economist Intelligence Unit placed Ireland 11th globally out of 82 countries, naming it as one of the most attractive business locations in the world. • A politically stable country and respected regulatory regime. • Strategic location with easy access to the EMEA region. • Excellent IT skills and infrastructure. • Quality of living - Dublin ranked 25th out of 215 (in top 12%) in the Mercer 2009 Quality of Living Global City rankings, ahead of several major cities including Paris (33rd), London (38th), and Barcelona (42nd). • Ireland has a significant international tax treaty network. Ireland does not appear on either the grey or black OECD tax haven lists. PricewaterhouseCoopers Page 4
  • 5. Financial Services in Ireland today …  Home to 25 of top 50 world banks One of the largest investment management centres in the world  European location for life, non life, captives, reinsurance, securitization  20,000 + employed in International Financial Services Centre and 50,000 in Financial Services  All island economy PricewaterhouseCoopers Page 5
  • 6. Who we are and why are we here? • Islamic Finance growth : • Islamic finance assets are set to reach US$1.6 trillion by 2012 from US$660 billion of assets at the end of 2007, according to global management consulting firm Oliver Wyman. • It is expected that within the next decade, 50-60% of the total savings of the world's 1.2 billion Muslims will be in the form of Shariah compliant products. • Ireland as a domicile for Shariah funds: • A number of new centres of the domiciliation and servicing of Shariah funds have begun to emerge in Europe. Ireland is one such domicile which is experiencing a rapidly growing interest in this area. • Asset Managers and Banks can use Ireland as a hub to launch their Shariah funds where they can distribute their funds from to shareholders on a European/Worldwide basis. • 353 fund promoters from over 50 countries have set up Irish domiciled funds which are distributed to over 60 countries across Europe, Asia, the Americas, the Middle East and Africa. PricewaterhouseCoopers Page 6
  • 7. Ireland’s success in the Investment Management industry
  • 8. Ireland’s Success in the Investment Management industry • As of February 2009, Ireland has assets under management of EUR 1.43 trillion in over 10,000 funds, according to statistics from the Irish Financial Regulator and the Irish Funds Industry Association (IFIA). • Fund promoters can rely on Ireland as a ‘one-stop- shop’ for the establishment of management companies, the domiciliation of funds and unparalleled experience servicing of all types of instruments. An abundance of the big players of the fund servicing world are situated in Ireland, with an extensive range of services available including fund administrators, lawyers, custodians etc. • Ireland is a mature funds market with 20 years of experience in dealing with a broad range of fund structures. • Memoranda of Understanding: Ireland has entered into bilateral MoUs with China; Dubai; Hong Kong; Isle of Man; Jersey; South Africa; Switzerland and USA. A new MoU with Taiwan is under negotiation. Within the EU, Ireland cooperates with all relevant authorities on basis of the provisions of the European directives. • 12,000 skilled employees with availability of industry- wide training (over 9,500 employed directly by fund administrators and over 2,500 employed in associated services, e.g. legal, tax, audit, listing etc.) PricewaterhouseCoopers Page 8
  • 9. Ireland – a world leader • Largest hedge fund administration centre in the world. (Ireland services an estimated EUR 799 bn in HF assets as of Dec 2008, representing approx. 41% of global HF assets, Source: IFIA & HFM Week) • Largest number of stock exchange listed investment funds. (1,605 investment funds (2,209 sub funds) listed as of Dec 2008, Source: ISE) • A leading European domicile for exchange traded funds. (Irish ETFs were valued at EUR 31.5 bn as of October 2008, Source BGI Global Investors) • Fastest growing European and UCITS fund administration centre over the past five years. (Irish domiciled net assets grew by 49% between 2004-2008; the European average for the same period was 15%, Source: Central Bank of Ireland & EFAMA) • A leading European domicile for money market funds. (EUR 330 bn in Irish domiciled money market funds as of Feb 2009, Source: Central Bank of Ireland) • A recognised EU and OECD, open and tax transparent jurisdiction with the lowest headline corporate tax rate in the OECD. PricewaterhouseCoopers Page 9
  • 10. Ireland – A Substantial and Growing Jurisdiction Irish Administered Alternative Assets UCITS 2008 1,400bn 2007 1,380 bn 2006 919bn 856bn PricewaterhouseCoopers Page 10
  • 11. Growth in Assets of Funds serviced in Dublin Growth in Assets of Funds serviced in Dublin 1800 1600 1400 1200 $ billions 1000 $ billions 800 600 400 200 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 Year Fitzrovia figures @ 30/06/08 PricewaterhouseCoopers Page 11
  • 12. Ireland Promoters Domiciled Market Share Ranking by Assets as at 30 June 2008 Company Name Assets in US$Million Prior Year Assets in US$Million 1 Barclays 163,877 134,052 2 Goldman Sachs 99,910 81,905 3 HSBC 56,268 37,268 4 Russell Investments 48,492 53,824 5 Vanguard Group 39,219 36,648 6 Royal Bank of Scotland 39,048 12,609 7 Insight Investment 36,315 28,556 8 State Street 29,132 19,513 9 Blackrock Financial Management 27,979 16,837 10 PIMCO 25,763 21,313 Total Irish Domiciled Funds 1,240,859 1,100, 182 Source: Fitzrovia figures @ 30/06/08 PricewaterhouseCoopers Page 12
  • 13. The products Ireland has to offer
  • 14. UCITS – the product of choice for retail investments • UCITS is the product of choice in Ireland for fund managers looking to set up the following types of funds: • Exchange Traded Funds • Money Market Funds • Index Funds • Equity Funds • 130/30 Funds • The UCITS product is suited to managers who would like to distribute their funds to shareholders on a worldwide basis. UCITS funds may avail of a “passport” allowing distribution throughout the EU without having to undergo authorisation in each individual jurisdiction. UCITS now recognised as a global brand of quality for retail investment funds. • 353 fund promoters from over 50 countries have set up Irish domiciled funds which are distributed to over 60 countries across Europe, Asia, the Americas, the Middle East and Africa. • No minimum subscription required. • Regulatory approval : 4-6 weeks. • Legal Structures: Investment Company, Unit Trust and Common Contractual Fund (CCF). PricewaterhouseCoopers Page 14
  • 15. The ‘Super QIF’ – the product of choice for alternative investments • The QIF is suitable for sophisticated investors namely institutional and high net worth individuals. • It is a flexible regulated fund structure and has no investment restrictions. • The QIF is the product of choice in Ireland for fund managers looking to set up the following types of funds: • Hedge funds • Property funds • Venture capital • Private Equity • Futures and options • Fund of hedge funds • Investor subscription: • Qualifying Investor non-UCITS (Minimum Euro 250,000 + wealth criteria) • Regulatory approval : 24 hours. • Legal Structures: Common Contractual Fund (CCF), Investment Company , Unit Trust and Investment Limited Partnership. PricewaterhouseCoopers Page 15
  • 16. Why set up your international funds in Ireland?
  • 17. 12 Compelling Reasons to Choose Ireland  Highly regarded and well regulated environment for investment funds.  A leading location for the administration of international UCITS funds.  Ireland is the largest hedge fund administration centre in the world.  A leading cross border jurisdiction for Exchange Traded Funds and Money Market Funds in Europe.  There are now over 4,400 funds and sub-funds listed on the Irish Stock Exchange, making it the largest exchange in the world for funds listing.  Speed to market: 24 hour approval process available for Qualifying Investor Funds (QIFs) and an average 4-6 weeks for all other fund structures .  Fast track promoter approval – within one week of application.  Flexible, proactive regulatory environment.  Location – optimum time zone to ensure global coverage.  Only English speaking country in the Eurozone, Euro currency  Extensive industry experience and expertise. In Ireland today there are over 12,000 people employed directly in the investment fund industry.  Dedicated Shariah unit within the Irish Financial Regulator. PricewaterhouseCoopers Page 17
  • 18. Irish Tax Benefits  Ireland is the only major international fund domicile that is noted as having adopted the key taxation standards and principles of the OECD. Ireland does not appear on either the grey or black OECD tax haven lists.  Ireland is a recognised EU and OECD, open and tax transparent, jurisdiction with the lowest headline corporate tax rate in the OECD of 12.5%.  Irish regulated investment funds are exempt from Irish tax on their income and gains irrespective of investors’ residency.  No Irish withholding taxes apply on distributions from Irish funds for non Irish investors.  Irish collective investment funds are not obliged to charge VAT and most of the services provided to a fund are exempt from VAT.  Common Contractual Funds (CCFs) – tax transparent vehicles.  No stamp duty or capital duty charges on the establishment of a collective investment fund.  Double Taxation Treaties – 50 tax agreements, 6 additional new treaties underway. Irish domiciled funds have access to the US double taxation treaty where a fund is demonstrated to be trading. This is a considerable advantage for Exchange Traded Funds (ETFs). PricewaterhouseCoopers Page 18
  • 19. Other Distinguishing Factors • EU Savings Directive adopted in Ireland –exchanging of information regime instead of application of withholding taxes. • Irish risk management process is based on guidance notes with built in flexibility. Risk monitoring for non-sophisticated funds in Ireland is on a daily basis. In Ireland the risk management process is not the responsibility of any designated individual. • Irish funds distribute to over 60 countries, 353 fund promoters have domiciled funds in Ireland, 786 fund promoters have funds serviced in Ireland. • Ireland has entered into bilateral memoranda of understanding with the following jurisdictions outside the EU: China, Dubai, Hong Kong, Isle of Man, Jersey, South Africa, Switzerland and the USA. Future MOU planned with Taiwan. • Fastest growing European and UCITS fund administration centre over the past five years. (Irish domiciled net assets grew by 49% between 2004-2008; the European average for the same period was 15%, Source: Central Bank of Ireland & EFAMA). • Promoter capital: Irish promoters must have minimum net shareholder’s funds of €635,000, or equivalent in another currency. • Promoter liability – Irish promoters not legally responsible for losses of funds, as long as due care has been provided. • The Financial Regulator's Notices specifically require the custodian to act in the interests of the unit holders in the funds. This provides significant comfort to investors. The custodian will be directly liable to the unit holders for any unjustifiable failure to perform its obligations or improper performance of them. Such duties will also extend to the custodian's appointment of any sub-custodians, which is of particular importance to investors where assets are likely to be held in various jurisdictions outside Ireland. PricewaterhouseCoopers Page 19
  • 20. About PwC in Ireland
  • 21. Our Practice in the Investment Management Industry in Ireland  PricewaterhouseCoopers is the leading professional services firm in Ireland. According to the encyclopaedia of the Irish funds industry 2008, we audit 64% of the market share by sub fund assets.  In PwC Ireland, the IM practice is the largest part of the Irish firm (20%). This group has approximately 400 people, 20 partners/ 50+ Directors/Managers. It is also the 5th largest Investment Management practice in Europe.  We also have in-depth understanding of the operational processes and procedures of a Fund and a comprehensive knowledge of fund accounting practices across all major jurisdictions.  PwC Ireland has a thorough understanding of the regulatory and taxation environment for Investment Management companies located in Ireland.  PwC Ireland has involvement with many different industry bodies including – Irish Funds Industry Association (IFIA), Organisation for Economic Cooperation and Development (OECD), International Organisation of Securities Commissions (IOSCO), Alternative Investment Management Association (AIMA) PricewaterhouseCoopers etc Page 21
  • 22. Our Market Share Ireland – Combined (Irish and non-Irish Domiciled) Market Share Combined Market Share by number of Subfunds Combined Market Share by Subfund Assets 1% 4% 9% 4% PwC 17% PwC 39% 20% KPMG KPMG E&Y E&Y Deloitte 55% Deloitte Others 23% Others 28% Information as at 30 June 2008. Source: Fitzrovia Dublin Fund Encyclopaedia: 2008 PricewaterhouseCoopers Page 22
  • 23. Our Market Share Continued.. Ireland – Irish Domiciled Market Share Irish Domiciled Market Share by Subfund Irish Domiciled Market Share by Subfund Assets 1% 3% 9% 3% 12% PwC PwC 18% 47% KPMG KPMG E&Y E&Y Deloitte 20% Deloitte Others 64% Others 23% Information as at 30 June 2008. Source: Fitzrovia Dublin Fund Encyclopaedia: 2008 PricewaterhouseCoopers Page 23
  • 24. PwC – Thought Leadership publications Examples of our recent thought leadership* materials include: PricewaterhouseCoopers Page 24
  • 25. Ireland as a location for Shariah funds
  • 26. Irish Financial Regulator’s new Shariah regulatory team • In light of the significant activity within Shariah investment funds in Ireland the Irish Financial Services Regulatory Authority (the “Financial Regulator”) has confirmed the establishment of a dedicated regulatory team for the authorisation of Shariah funds in Ireland. • In the last year, there has been an increased proliferation of Shariah financial products being domiciled and administered in Ireland. • This announcement of a dedicated Shariah regulatory team demonstrates Ireland’s flexible and proactive regulatory environment and further cements Ireland’s attractiveness as a domicile of choice for Shariah investment funds. • The new Shariah regulatory team will ensure efficiency and consistency when processing Shariah applications. • In addition to this, the Financial Regulator has also confirmed that it will proactively engage with its regulatory counterparts in MENA (Middle East & North Africa) countries and other jurisdictions in order to share an understanding of the respective regulatory systems. • This new development should be encouraging for Shariah compliant Asset Managers who are looking to expand their current distribution to Europe and the Far East through setting up of Irish UCITS. PricewaterhouseCoopers Page 26
  • 27. PwC - Leading the way in Islamic Finance in Ireland • PwC have established a dedicated Islamic Finance team comprising of experts from various line of service including Audit, Advisory, Regulatory and Taxation enabling us to provide comprehensive service to our clients. • Our group has a detailed understanding of Shariah principles, covering various school of thoughts in Islam. • PwC have issued various publications on the subject for Accountancy Ireland, Finance Magazine, Sunday Business Post, PwC global Newsletter, Islamic Finance News etc. • PwC has a representation on the Industry Shariah expert group advising on various issues, such as purification of non Islamic income, custody of Shariah funds assets etc. PricewaterhouseCoopers Page 27
  • 28. PwC - Thought leadership in the industry on Islamic Finance We are proud of our track record in producing thought leadership and advisory publications in the Financial Services sector. Examples of our recent thought leadership* specific to Shariah funds include: We have also written a number of articles on Shariah Funds for publications such as, Finance Dublin, Accountancy Ireland, Sunday Business Post , Euromoney etc PricewaterhouseCoopers Page 28
  • 29. PwC - Our Experience with Shariah Funds • Advice on set up of various Islamic fund structures in Ireland including UCITS, hedge funds, fund of funds and ETF’s. • Undertook a Gap assessment project for an Irish fund administrator to advise them on how they would service Shariah compliant funds. • Provision of advice on Purification of non Islamic Income to an Investment Manager establishing Shariah compliant funds. • Provided Islamic Instruments support from accounting and classification perspective to an Irish administrator servicing Shariah compliant funds. PricewaterhouseCoopers Page 29
  • 30. Emerging and popular Islamic Investment Funds in Ireland
  • 31. Islamic Investment Funds established in Ireland to date • Equity funds • Exchange Traded Funds (ETFs) • Fund of Hedge Funds • Murabaha and Mudaraba • Sukuk • Long / Short (hedge funds) • MMF’s being created PricewaterhouseCoopers Page 31
  • 33. Islamic Finance Service Team Ken Owens (Shariah Funds Assurance Partner) • Ken is a Partner in the Financial Services Group specializing in assisting clients with a wide range of international funds administered in Dublin. He has extensive knowledge and experience in advising investment management clients including UCITS funds, Alternative Investments funds and Asset Managers in Ireland. He provides a range of services to his clients including audit, SAS 70 controls reporting and regulatory advisory services. Ken leads the PwC Investment Management Regulatory Practice. Over the years Ken has assisted clients in structuring new funds and advised on various accounting, tax and operational matters. Ken has been involved with the Dublin Funds Industry Association (“IFIA”) for a number of years and has lectured on auditing and accounting issues to the industry on behalf of the IFIA and the Institute of Chartered Accountants in Ireland. Ken is a member of the Auditing Standards Committee of the Institute of Chartered Accountants in Ireland. Ken is a chartered accountant and has a degree in accounting and finance from the Dublin City University. Ken now leads the Islamic Finance Practice at PwC in Ireland. Pat Wall (Tax Structuring Partner) • Pat Wall is a senior partner specialising in international taxation particular focus on the investment management and insurance industries. He is a partner with the firm since 1986 and throughout that time he has specialised in international financial services. He has been associated with the development of Dublin’s financial services sector from its inception and he has played an important role in the development of Ireland’s tax policy on the international financial services. He was actively involved in the transposition of the original EU directive on UCITS which laid the foundation for the funds industry in Dublin. His was twice voted one of Ireland’s leading tax advisers by International Tax Review. Pat currently sits on the Irish Prime Minister’s International Financial Services Centre Clearing House Group (IFSC CHG), which has overall responsibility for competitive policy in international financial services. Pat is a member of PwC’s European Investment Management Group. In the past he has served on the firm’s international investment funds group with special responsibilities for international financial centres. PricewaterhouseCoopers Page 33
  • 34. Islamic Finance Service Team Pat Candon (Assurance Partner) • Pat worked in the Channel Islands for a number of years, specialising in the mutual funds industry. On returning to Dublin in 1990 he assisted in the set up of our specialist funds audit group. He has lectured extensively on the auditing and accounting aspects of funds. Pat has worked exclusively in the Irish firm’s investment management practice, assisting clients in the structuring and audit of a wide range of international funds administered in Dublin. Pat became the audit leader for the Dublin firm's investment management practice on 1 July 2003 and served in that role until 30 June 2007. He was also a member of the firm's audit leadership team in that period. He has been a member of the Irish Funds Industry Association marketing committee and served on the organizing committee of the annual IFIA/NICSA conference for two years. Omer Khan (Shariah Funds Assurance Manager) • Omer is a Manager with the Investment Management Group in Dublin and has significant experience working on IFRS/Irish GAAP Funds in financial services industry. Omer is the lead manager of PwC Ireland’s Islamic Finance Group which has been recently established to assist clients in the Islamic Finance area. He is also a manger on a number of investment funds targeted at the Islamic Market which are currently administered out of Ireland. Omer is the author of several articles on Islamic Finance in Irish/European publications. Omer was involved in the implementation of a service offering around advice and support on the set up of Shariah Fund Administration in Ireland - Gap Assessment. He has also advised on set up of various Islamic fund structures in Ireland and provided advice on: Purification of non Islamic Income, Islamic Instruments support from accounting and classification perspective, Investment restriction monitoring, Cash Management & Custody of Assets. PricewaterhouseCoopers Page 34
  • 35. Islamic Finance Service Team - continued Ken Owens Assurance Partner T: (00) 353 1 792 8542 E: ken.owens@ie.pwc.com Pat Candon Assurance Partner T: (00) 353 1 792 8538 E: pat.candon@ie.pwc.com Andy O’Callaghan Advisory Partner T: (00) 353 1 792 6247 E: andy.o’callaghan@ie.pwc.com Pat Wall Tax Partner T: (00) 353 1 792 8602 E: pat.wall@ie.pwc.com Yvonne Thompson Tax Director T: (00) 353 1 792 7147 E: yvonne.thompson@ie.pwc.com Omer Khan Assurance Manager T: (00) 353 1 792 8171 E: omer.khan@ie.pwc.com Hasan Mahmood Assurance Manager T: (00) 353 1 792 6984 E: hasan.mahmood@ie.pwc.com Caitriona Jennings Tax Manager T: (00) 353 1 792 6702 E: catriona.jennings@ie.pwc.com Nadir Asghar AM2 (Assurance) T: (00) 353 1 792 7908 E: nadir.x.asghar@ie.pwc.com Faisal Ismail AM2 (Assurance) T: (00) 353 1 792 7572 E: faisal.m.ismail@ie.pwc.com Salahuddin Ghaznawi SA2 (Assurance) T: (00) 353 1 792 5213 E: salahuddin.ghaznawi@ie.pwc.com Pankaj Arora SA1 (Assurance) T: (00) 353 1 792 7417 E: pankaj.arora@ie.pwc.com PricewaterhouseCoopers Page 35
  • 36. Any Questions? PricewaterhouseCoopers Copyright © 2009 PricewaterhouseCoopers. All rights reserved. "PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. PricewaterhouseCoopers, One Spencer Dock, North Wall Quay, Dublin 1 is authorised by the Institute of Chartered Accountants in Ireland to carry on investment business.