Plan to improve funds industry
Thousands of funds worth an estimated €1.5 trillion are based in Ireland, attracted by its position in the EU and its tax exemptions. The funds’ promoters, usually fund managers in London or New York, have to hire two Irish residents as directors of the management companies that oversee the funds.
The number of funds has almost doubled to 5,665 since 2001, creating a windfall for Irish people selling their services as directors. But there is also now a skills gap as tougher European rules brought in after the financial crisis require them to be more vigilant about a wider range of risks.
