ISEQ Attracting Big Players In Fund World

by Phillip Morton, Investors Offshore.com

28 April 2003

Lower fees, tax incentives and a tough but efficient regulatory environment have all conspired to make Ireland one of the most attractive locations for large financial institutions such as Goldman Sachs to list funds.

The Irish Stock Exchange had 1,429 funds listed at the end of March 2003, up 17% on the same time last year and has actively encouraged the fund market to make up a short fall in more traditional business.

Chairman of ISEQ David Kingston explained to the Belfast Telegraph that funds are perceived as "a minority sport for large exchanges," though for an exchange the size of ISEQ "it's a big and growing business."

"Dublin has been the place where most people have chosen to go because it's receptive to fund listings," confirmed Neil Smeaton of Edinburgh based hedge fund Alisa Capital.

To list on the Irish Stock Exchange, a fund must pay a listing fee of EUR1,590 plus a similar amount in annual fees. Additionally, EUR10,000 is charged by advisors to help list a fund, with a further EUR1,000 charged annually in administration fees.

Goldman Sachs has a large presence on the exchange with nine funds listed, Denver based Janus Capital also has a so-called umbrella fund listed on ISEQ.

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