According to research from Monterey Insight , fund assets under custody in Ireland rose by 10 % reaching $ 4.2 trillion at the end of June 2020 , up from $ 3.9 trillion in 2019 . “ It [ the Limited Partnership Act ] without a doubt has increased the attractiveness of the location bringing more optionality around what types of business see the Republic of Ireland as an appropriate location ,” adds Middleton . “ Ireland has for many years carried an attractive reputation around skilled resource and has continued to strengthen its regulatory regime and legal establishment . It has become a key plank in many providers Brexit planning and will continue to be an attractive opportunity as both the traditional and alternative fund sectors develop .” The Bill will bolster its standing against Luxembourg as a fund domicile for private capital managers , which have already established more than 2,000 Special Investment Partnerships in the Grandy Duchy over the past six years . “ The competition between Luxembourg and Ireland is such that both domiciles are always looking for ways to make their jurisdiction more attractive ,” says Tuffy . “ Since the introduction of AIFMD , Luxembourg has had edge an edge in the European private fund space . The introduction of the Investment Limited Partnership seeks to level
38 Global Custodian Spring 2021