Fund services firm IQ-EQ unveils Irish funds business
Fund services company IQ-EQ on Tuesday announced the launch of a dedicated funds business in Ireland, which will be operational as from next 18 March. In a statement, the firm highlighted the increasing importance of Ireland as a funds domicile, citing Brexit and changes to the Irish Investment Limited Partnership (ILP) legislation as drivers.
IQ-EQ has been established in Ireland for over 30 years and will add more staff to its Dublin and Shannon offices in order to expand its local fund services offering. Eoghan Harney will hold the role of director and head of fund accounting while IQ-EQ will proceed to several hires. Gary Palmer, former chief executive of the Irish Funds Industry Association (IFIA), will also support the development, being a chairman and non-executive director.
Commenting on the launch, managing director of IQ-EQ Ireland, Joanne McEnteggart, said: “Establishing a Funds business in Ireland was a logical next step for IQ-EQ, which has operated in Ireland for the last 30 years. In fact, taking this step was very much a client led initiative, with many of our clients and intermediaries looking to us to set up a funds operation in what is recognised as a key funds domicile. This is an important milestone not only for the Ireland team but for the Group as a whole as it takes us one step closer to achieving our strategic objective of becoming the most complete independent provider to alternative asset managers globally.”
Justin Partington, IQ-EQ’s group head of funds, stressed the firm is receiving an increasing number of requests from both clients and intermediaries for Irish fund administration solutions.