WEST PALM BEACH, FL (HEDGECO.NET) – Dublin is challenging the Caribbean centers as a competitor for hedge fund activities. According to news reports, Dublin is now home for over 100 hedge funds,which are currently domiciled in that jurisdiction. Traditionally, many offshore hedge funds have based their operations in the Caribbean; part of the reason comes from the jurisdiction�s lowcorporate tax rate.
Dublin�s quest for hedge fund center status has enabled the city to attract about 104 hedge funds. According to published reports from William Fry, Dublin�s hedge fund business has grown from only 14 hedge funds domiciled in the jurisdiction between 1995 and 1999, to about 104 today.
A well-developed hedge fund skilled workforce, as well as a well-structured regulatory body, well in tune to the needs of the growing hedge fund industry, compliments hedge funds relocating to Dublin. Dublin also levies a low 10% corporate tax rate, which is comparable to taxes levied by some of the Caribbean offshore jurisdictions.
In addition, Ireland has always been attractive to European exchange-traded funds [ETFs]. According to Morgan Stanley, Dublin has maintained its position as the �leading domicile for European registered exchange-traded funds (ETFs), with 26 percent of European funds domiciled in Ireland�, according to the Morgan Stanley Exchange Traded Funds Worldwide Guidebook.
The global asset manager, UBS has also announced that it will open a hedge fund administration operation in Dublin. Such a center will provide services to both onshore and offshore establishments, providing a range of fund administration, global custody, and settlement services to alternative investment establishments. With a growing economy, and relatively improving political climate in the region, the hedge fund center in Dublin is poised for more growth in the years to come.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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