Fund administration provider IQ-EQ has announced plans to launch a dedicated funds business in Ireland, as the country becomes an increasingly popular European fund domicile.
Ireland has benefited as a fund centre from Britain leaving the EU last year, while the recent changes to the Irish Investment Limited Partnership (ILP) legislation are set to appeal to more private capital funds.
In light of these changes, IQ-EQ has bolstered its presence in the country, including transferring several key personnel from its wider UK & Ireland cluster, with Belfast-based Eoghan Harney taking on the role of director and head of fund accounting.
Meanwhile, the organisation has appointed Gary Palmer, the former chief executive of the Irish Funds Industry Association (IFIA), as chairman and non-executive director.
“Establishing a funds business in Ireland was a logical next step for IQ-EQ, which has operated in Ireland for the last 30 years,” said Joanne McEnteggart, managing director of IQ-EQ Ireland.
“Taking this step was very much a client led initiative, with many of our clients and intermediaries looking to us to set up a funds operation in what is recognised as a key funds domicile. This is an important milestone not only for the Ireland team but for the group as a whole as it takes us one step closer to achieving our strategic objective of becoming the most complete independent provider to alternative asset managers globally.”
A year ago, IQ-EQ acquired Blue River Partners to boost its hedge and private equity services in the US, adding seven offices across the country, with approximately 180 team members.
Since then, the firm has won a number of mandates including Belfast-based Cordovan Capital Management and US-based Constellation Advisers, in recent months.
Subsequently, IQ-EQ was nominated for the One to Watch: Fund Administration award at Global Custodian’s Industry Leaders awards in 2020.
“As a group we’re receiving an increasing number of requests from both clients and intermediaries for Irish fund administration solutions,” said Justin Partington, IQ-EQ’s group head of funds.
“Large numbers of fund managers have already set up Irish operations, partly in response to Brexit, and many clients looking to set up a Europe-domiciled fund increasingly expect administrators to provide them with both an Irish and Luxembourg option to choose from. In response to this demand, IQ-EQ is delighted to be able to expand its existing global Funds segment and build upon its strong Irish Corporate business to introduce a fund services offering in Ireland. We have the global infrastructure, technology and know-how, and are delighted to be bringing that to the Irish market.”
IQ-EQ achieved authorisation as a fund administrator from the Central Bank of Ireland on 15 December 2020 and its new Irish funds business will go live operationally on 18 March 2021.