The Irish Funds Industry Association (IFIA) has welcomed the enactment of the Irish Collective Asset-management Vehicle (ICAV) Bill, signed into Irish law by the Irish president late last week. 

And the IFIA has confirmed that alternative asset manager Permal Group is in final preparations to move a number of its BVI separate accounts, totalling initially almost USD4 billion, to a newly launched Permal ICAV.
 
The ICAV, a new corporate vehicle designed for Irish investment funds, now sits alongside the public limited company (plc), and will provide a tailor-made corporate fund vehicle for both UCITS and alternative investment funds (AIFs).
 
Pat Lardner, CEO of the Irish Funds Industry Association, says: “The ICAV legislation is an important further step in strengthening Ireland’s standing as a leading domicile for international funds and demonstrates that we are continuing to take a pro-active approach in meeting the evolving needs of fund promoters. We have worked closely with both the Irish authorities and the fund management community to ensure the ICAV is tailored to meet the investor’s needs. The ICAV will also provide an additional option for promoters, complementing the established range of Irish fund vehicles available here.”