13/12/2011

Representatives from one of the leading law firms representing investment managers have said that the funds industry is thriving in the world’s leading offshore centres, including Ireland, the British Virgin Islands and Luxembourg.

Rod Palmer and Paul Farrell from Walkers Global said that many leading offshore financial jurisdictions are now coming back into good fortune following the recession. The pair said that the mood has been much more upbeat after the return to growth finally materialised in 2011, having initially been anticipated for 2010.

Mr Palmer said that Ireland in particular had become one of the leading offshore jurisdictions for EU investors and business people looking for an alternative domain for business registration.

“Irish funds recorded the highest level of net inflows in Europe in the first half of 2011, according to the latest statistics from EFAMA, the European Fund and Asset Management Association,” he explained. “The EFAMA’s second quarter report revealed that Ireland saw net inflows of €39 billion in the first six months of 2011 – some €7 billion more than the next closest domicile.”

Mr Farrell said they were in a unique position to assess the strategies and commercial terms being employed by the world’s leading investment managers, as they represent the majority of the world’s top 50 hedge fund and private equity fund managers.