Financial vehicle to boost funds industry
THE Government is attempting to create a new financial vehicle to benefit the funds industry.
The Department of Finance has published a bill that would create the Irish Collective Asset Management Vehicle (ICAV).
It is the second type of new financial vehicle to be proposed this year, following the creation of a Real Estate Investment Trust (REIT).
ICAVs would make it easier to set up and run collective investment funds from Ireland, which pool investors' money in order to benefit from economies of scale.
"This is a significant milestone in delivering a new corporate vehicle for investment funds which will be more suited to the needs of the global funds industry," Finance Minister Michael Noonan said. "The ICAV will help the Irish funds industry to compete for new sources of business," he added.