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Irish Collective Asset-Management Vehicles: New Fund Structure Is Putting Irish Domiciled Investment Funds on the Map for U.S. Investors  


Author:  Ashley Porter.


Source: Volume 30, Number 03, Spring 2017 , pp.47-52(6)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

This article discusses a relatively new type of investment fund, the Irish Collective Asset-management Vehicle (ICAV), which is tailor-made for regulating investment funds and attracting foreign investors. The ICAV may be suitable for United States-based investment advisers. The author explains important aspects of the ICAV, details what makes it a competitive fund structure, and sets out important points for United States investors (including funds of investment funds), most notably, for United States investors, the more favorable pass through tax election for ICAVs and the limited liability of umbrella and sub-funds that together create a fairly stable tax friendly investment vehicle.

Keywords: risk limitations, single-asset fund, U.S. tax favorability, member-friendly investment fund, limited member liability, Irish investment fund structure

Affiliations:  1: Richards Kibbe & Orbe LLP.

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