Gibraltar has cut down its regulatory fees for UCITS funds by more than 60% in a bid to pull managers.
UCITS application fees when managers are setting up new funds will be slashed from GBP12,000 to GBP4,000.
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The decision to slash fees is aimed at making the island a more attractive jurisdiction on the international stage.
The additional sub-funds will have a fee reduction from GBP3,000 to GBP1,000. Annual fees for UCITS will fall from GBP13,335 to GBP4,000. However, additional annual fees for each subsequent sub-fund will fall from GBP3,334 to GBP1,000.
The Financial Services Commission has confirmed on reducing fees for UCITS from 2013/14, reported InvestorsOffshore .
The FSC took the decision at the request of the industry although it was quick to state that Gibraltar’s current fee level had not deterred any UCITS applications stating that regulatory fees "are incidental to the overall cost of setting up a UCITS.
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