Luxembourg and Ireland are the most popular European jurisdictions for North American alternative asset managers looking to service their funds, according to new research.
Fund administrator Ocorian surveyed private equity, private debt, real estate, venture capital and infrastructure fund management executives in the US and Canada responsible for nearly $1.6tn (£1.2tn) of assets under management.
Luxembourg (pictured) was cited as the best place for fund administration by 53 per cent of respondents, followed by Ireland (45 per cent) and Jersey (41 per cent).
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Those who chose Luxembourg said they did so because of its regulatory environment (64 per cent), the UCITS framework which allows funds to be marketed across Europe (55 per cent) and its transparent tax regime (55 per cent).
The top three reasons given by those selecting Ireland were its transparent tax regime (67 per cent), cultural considerations and close ties to North America (53 per cent) and its favourable time zone (53 per cent).
When it comes to deploying assets in Europe, Ocorian’s study found that North American asset managers were most likely to opt for Germany (41 per cent), followed by France (32 per cent), and then Italy and the Netherlands (both 26 per cent).
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Similarly, Germany (45 per cent) is the top European country that North American fund managers will look to acquire assets in over the next two years. This is followed by France (39 per cent), Finland and Denmark (both 24 per cent).
“Our study shows that all major European jurisdictions are set to benefit from alternative fund managers in North America choosing to raise capital in Europe, but that it’s Luxembourg and Ireland which are currently the most favoured, with the opportunities provided by the European passport into the region,” said Thomas Fahl, global head of AIFM services at Ocorian.
“Long-standing cultural ties are also still important factors for North American fund managers choosing Ireland, while Luxembourg is set to reap the benefits of its stable regulatory environment and its extensive network of double taxation treaties.”
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Source link : https://alternativecreditinvestor.com/2024/10/15/luxembourg-and-ireland-most-popular-with-north-american-fund-managers/
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Publish date : 2024-10-15 10:02:00
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