UK-based Brooklands Fund Management has secured a regulatory nod from the Central Bank of Ireland to act as the investment manager for Irish authorised investment funds (AIFs).

The firm is already authorised by the Financial Conduct Authority (FCA) in the UK as a full scope AIFM. It is registered with Securities and Exchange Commission (SEC) in the US as an investment adviser.

Ireland’s AIF market houses over 2,200 AIFs with combined assets of more than €1 trillion. More than 40% of global hedge fund assets are said to be administered in the country.

Brooklands Fund Management provides a platform for newly launched asset managers to roll out an independent fund. This platform is designed to manage all relevant regulatory authorisations.

It also provides ongoing compliance monitoring, in addition to operational, portfolio management and risk management support.

Ireland moves by other firms

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In September this year, Shard Capital agreed to buy a 50% stake in the Dublin-based investment platform Omnium, marking its entry into the Irish market.

The same month, State Street Corporation announced its plans for a 400-strong team in Ireland to provide technology infrastructure and cybersecurity services.

In July, Fisher Investments set up an Irish subsidiary, Fisher Investments Ireland, to expand its investment management services to high-net-worth investors and families in Ireland.

In March, UMB Bank, a subsidiary of UMB Financial, established a new office in Ireland to offer aviation trust services through its Specialty Trust and Agency Solutions group.

In December last year, American brokerage firm Interactive Brokers Group secured authorisation from the Central Bank of Ireland to set up its entity in Ireland.