FundsLibrary Round Table Two: Further food for thought in Dublin
There is no doubt that over the last few years Ireland has established itself as a global financial services hub, and so following on from our recent Edinburgh round table in September we hosted another evening in Dublin for several of our Ireland-based clients towards the end of last year.
Below are some of the points of interest that were raised throughout the evening by the attendees, which included representatives from global asset managers, platforms and consultants.
A move towards open architecture?
Dublin boasts a huge UCITS fund infrastructure and now ranks alongside Luxembourg in the provision of Asset Management operation. This service only continues to grow. It is somewhat strange then, that the Irish distribution market seems to be still dominated by Life Companies offering “traditional” insurance wrapper products, typically with high and opaque charges. It was universally agreed that more transparency is needed, but what will it take to drive the change? Perhaps this is the year that strides towards open architecture will finally be made? It seems that this is certainly hoped so.
Unsurprisingly, many of themes that were raised at our Edinburgh round table also appeared to be topics of interest in Dublin. The two that generated the most dialogue were:
- The collection and analysis of Management information regarding the flow of funds. Everyone agreed that this was key to the successful management of AUM (both in and outflows) and they want more granularity on this. Although several ideas were floated on how to obtain this, it is clearly a universal project that is going to take much more thought and exploration.
- It was broadly decided that rather than being the next big thing, ESG is already a big thing, but, as discussed in our recent article “What is ESG?”, it is hard to define. The table agreed that there is a need for more transparency, consistency and availability of information across the whole area but again, who best to police this and put the rules in place? While there have been attempts to standardise ESG across the industry, nothing seems to have stuck and there is a long way to go.
It will be very interesting to see how the industry addresses these matters over the coming year. We will of course keep a weather eye on any developments.
We regularly work in collaboration with our clients to ensure that we can support them in the best way possible. It is a great pleasure to work for and with many successful companies across the Platform and Asset Management industry. We would like to say a big thank you to all who attended our Dublin round table and Chapter One restaurant in Dublin, who provided an excellent meal and space for our evening.
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All figures correct as at 31.12.2019.