UCITS Management Companies / SMICs

Due to their legal nature, UCITS established as unit trusts or as CCFs require a Management Company in their structure (following implementation of UCITS IV, the Management Company is no longer required to be located in Ireland). This is because a unit trust is created by a Management Company and Trustee entering into a trust deed and, in the case of a CCF, it is constituted contractually by the Management Company unilaterally entering into a deed of constitution. UCITS established as investment companies have the option as to whether or not to appoint a management company. UCITS which do not appoint a management company are known as "self-managed investment companies" ("SMICs").

Up until the introduction of UCITS IV, the Management Company of a UCITS had to be located in the same jurisdiction as the UCITS itself. Since the introduction of UCITS IV, the Management Company of a UCITS may be located in a different EU member state to that of the UCITS.