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    ManCo platforms and governance

  • Tracker Service

  • This page is from the Tracker Service September 2014 launch, and is only updated for Tracker subscribers

    AIFMD is expected to lead to a large growth in various third party platforms and sub-advisory relationships. In particular third party AIFMD ManCo platforms are expected to be at the heart of this trend. As a result the Tracker will be monitoring their development closely.

    The third party ManCo option was of interest to many managers interviewed by IFI Global for its AIFMD Impact research, conducted during the summer of 2014. (IFI Global interviewed 72 organisations with dedicated alternative assets of $197 billion, and an overall AUM of approximately $2.5 trillion.)

    These platforms are likely to be used by many larger managers surveyed as well as by the smaller ones. Interviewees say one of their chief selling points is their ability to do the risk management, as stipulated by AIFMD, in the jurisdiction where the fund is domiciled. ManCos also offer managers in the US an opportunity to get into the European market without having commit large amounts of capital and resources.

    In both Ireland and Luxembourg a growing number of independent, third party ManCo platforms are emerging. ManCos set up in one domicile can be used by managers in another. There are some ManCos that have been domiciled in Dublin, for example, that have agreements with the CSSF in Luxembourg that allows their use in this jurisdiction too. Therefore Luxembourg based funds can join Irish domiciled ManCo platforms, and vice versa.

    Organisations known to The Tracker to be offering independent ManCo platforms for third party managers: