A Guide To Multi-Manager Funds In Ireland

Introduction

This publication examines the regulatory frameworks applicable to multi-manager funds and fund of funds in Ireland, a leading key European "exporting" fund domicile, including the opportunities available through the use of pooling techniques.

Multi-Manager Funds v Fund of Funds

It is important to understand at the outset that multi-manager funds and funds of funds are different products and are subject to quite different regulatory regimes, even though one finds that the term "multi-manager" is often loosely used to describe both fund types. The principal differences between the two fund types can be summarised as follows:

Structure:

A fund of funds is one which has as its main object the investment of its assets in other funds, whereas a multi-manager fund, instead of investing in other funds, engages different portfolio managers to directly manage its assets in separate accounts, with discrete asset portfolios being allocated for management