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ARTICLE · 15 OCTOBER 2025

Establishing A UCITS Fund In Ireland - UCITS Structures

Arthur Cox
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A UCITS may be established in Ireland as a single fund or as an umbrella fund comprising one or more sub-funds, each with a different investment objective and policy. UCITS are typically established as umbrella funds and the segregation of liability between sub-funds is achieved either by law (as is the case for an investment company or ICAV) or by contract. Each sub-fund may comprise different classes of units or shares. Typically, classes of units or shares are issued to allow for different fee arrangemen

IrelandFinance and Banking
Arthur Cox
Arthur Cox
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Umbrella or Single Fund and Classes of Shares

A UCITS may be established in Ireland as a single fund or as an umbrella fund comprising one or more sub-funds, each with a different investment objective and policy. UCITS are typically established as umbrella funds and the segregation of liability between sub-funds is achieved either by law (as is the case for an investment company or ICAV) or by contract. Each sub-fund may comprise different classes of units or shares. Typically, classes of units or shares are issued to allow for different fee arrangements, different subscription amounts and/or different currencies within the same sub-fund.

Legal Structure

UCITS can take one of four forms: investment companies, unit trusts, common contractual funds ("CCFs") and Irish collective asset-management vehicles ("ICAVs"). Various factors determine the choice of fund structure, the principal ones being the potential distribution channels for the UCITS and the

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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