Financial Services Ireland

EY Funds Forum 2016

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2016’s Fund Industry – The Perfect Storm!

The funds industry will go through more change now in the next five years than in the previous 30 years

In a year marked by lacklustre performance and rising investor expectations, one asks – will the challenges of today pave the way to a more successful tomorrow? As we look back at the year that has passed and look ahead to 2017, the EY Funds Forum examined the challenges and changes happening in the funds industry including:

  • A discussion on the changing investor demographic and the role that technology is playing in the future of asset management
  • Michael Hodson, Head of Investment Firm and Fund Services at the Central Bank of Ireland discussed complying with regulations such as MIFID11 and CP86. He also assured the industry that the Central Bank will process applications for new business in a “timely” and a “rigorous manner”.
  • Active v’s passive investment in funds – Industry experts stressed that while passive funds are growing in popularity, active funds can still deliver value
  • Tax risk in an uncertain environment – experts discussed OECD tax regulation including BEPS and multilateral instrument for tax treaty-related BEPS measures
  • The impact of a changing European landscape, Brexit and the U.S. elections on the funds industry
  • Manish Vekaria, Chief Executive, Credit Suisse talked about relocating to Ireland and the challenges that come with this. Manish called “relocations complex, time consuming and resource intensive” and discussed his experience of setting up the first ‘Third Country Bank’ in Ireland.
Our speakers included:

Michael Hodson, Head of Investment Firm and Fund Services, Central Bank of Ireland
Manish Vekaria, Chief Executive, Credit Suisse AG, Dublin
Denis Curran, Head of Department, International Financial Services Division, IDA
Catharine Dwyer, Senior Policy Advisor, Central Bank of Ireland
Cormac Commins, Partner, William Fry
Felicity Percy, Managing Director, BlackRock
Liam Stanbridge, Managing Director, Product Tax – Europe, State Street
Gerry Thornton, Partner, Matheson
Tadhg Young, Head of Global Services Ireland, State Street
Linda Henry, Tax Leader, EMEIA Wealth and Asset Management, EY
Lisa Kealy, Head of EMEIA ETFs, EY
Cormac Kelly, Executive Director, EY
Fergus McNally, Wealth and Asset Management Partner, EY
Donal O’Sullivan, Asset Management Sector Leader, EY

Just some of the feedback we have received:

“Just a short note to say thank you for the kind invite to attend today’s Funds Forum event.  As always, this event was extremely well organised, the content and speakers were superb.  Congratulations to all involved.”

“Thanks so much for the invitation to your Funds Forum yesterday.  I am so disappointed to have had to leave early but I got a lot from the sessions I was at (and have shared with my own teams since – the discussion on costs and active/passive resonated in particular) and I know I had other BNYM colleagues who were able to stay for the later sessions.”