There was much commentary in advance of the AIFMD which recently celebrated its first birthday. That commentary focussed on the challenges interested parties faced. New regulations always present additional challenges and costs. In the U.S. and Asia the initial response was negative but now a growing number of non-EU managers accept that the cost of compliance with AIFMD is the only way they can promote their business in Europe. Now it seems that by offering designated professional investors a rigorous regulatory and governance regime getting involved with AIFMD is becoming increasingly popular. And that is good news for Ireland as this article confirms.

UBS has shifted a fund of hedge funds onshore to Ireland from the Cayman Islands, delivering another blow to the reputation of the Caribbean tax haven as the domicile of choice for international hedge funds.