Market trends: With Irish domiciled investment funds reaching an all time record NAV value of €3,683bn at end-June 2021, as shown in the attached statistical release by the Central Bank, it seems that the jurisdiction remains very successful, but buoyed by strong markets globally. This seems apparent, given the strong performance of equity related funds, as distinct from MMFs, which were relatively static in the year to June. Could you comment on the trends?

Note for Respondents:
Investment Fund Statistics – Q2 2021
The attached chart shows that equity assets have risen fastest, followed by bonds, and, MMFs, traditionally a big component of the Irish total, virtually at a standstill over the previous 12 months.

Irish Fund Structures: The Central Bank latest data also show the latest (mid year) figures for Specialist Irish funds structures, with, by end June 385 ICAVs, 25 CCFs, and 6 already established (by then) Irish Limited Partnerships.
Fund data for June 2020
Could you comment on this, making reference perhaps to the relative advantages of the different structures, e.g. the expense of establishing CCFs, the success of ICAVs, and the progress to date of ILPs?

ETFs: One trend in the market recently has been the conversion of traditional UCITS to ETPs/ETFs. Do you think that at the retail end, that traditional UCITS will remain as popular with investors, and will there be an increasing demand for low cost ETFs, real assets and other alternatives?

Fund transfer process: Speeding up the fund transfer process across Europe and the UK is fast becoming the focus of regulators and fund firms as better investor outcomes become increasingly important.
A survey published last month (by Calastone) of 32 leading fund managers and distributors across Europe and the UK found fund transfers delays are common place and unnecessary. Many firms are searching for ways to overcome the need for manual processing. The majority of firms cite connectivity and standardisation as the major issues. Can you comment?

ESG: ESG: ‘Greenwashing’, and new regulatory requirements and references to ESG – e.g. at EU level are continually developing. What are your overall observations on the trends that the asset management industry must address most urgently for the coming twelve months?

Regulation: Regulation. With PCF regulations (regarding Pre Approved Functions, notably in the asset management sphere) just issued by the Central Bank in the last month, and SEAR legislation in the works, what priorities are and should the industry be making to address the future requirements of the industry?