Service providers to an Investment Limited Partnership
Service Providers to an ILP
GENERAL PARTNER | The GP of an ILP is responsible for the management of the ILP. The GP has unlimited liability and is responsible for the debts and liabilities of the ILP. The GP of an ILP may be a corporate entity, a natural person or a partnership. The GP can be based in any jurisdiction. The board of directors of a corporate GP based in Ireland must include at least two Irish resident directors and one independent director (which may be one of the Irish directors). The GP is not regulated by the Central Bank but the directors of the GP are subject to the Central Bank’s fitness and probity regime and must be approved by the Central Bank to perform a pre-approval controlled function. Information in respect of all directors (including personal details, qualifications and experience, other business interests, and any shareholdings held by them in the proposing entity) must be submitted to the Central Bank by the directors themselves via the Central Bank’s portal. A change of the GP is subject to CBI approval. |
AIFM | An ILP is required, pursuant to AIFMD, to appoint an AIFM. The AIFM is responsible for risk management, portfolio management, and also generally, administration and marketing. An AIFM may delegate risk management or portfolio management but not both. |
INVESTMENT MANAGER | The AIFM may perform the investment management role but in many cases an investment manager is appointed by the AIFM. The investment manager has discretionary authority to invest and manage the assets of the ILP in accordance with the investment objective and policy of the ILP. If an investment manager proposes to manage an Irish collective investment scheme, such as an ILP, for the first time, the investment manager will need to be cleared by the Central Bank. For a non-EEA investment manager, it must submit a short application to the Central Bank and must satisfy the Central Bank of its experience and expertise and provide certain information including financial statements and proof of existing regulatory licenses. This process typically takes 4-8 weeks. |
ADMINISTRATOR | The administrator is responsible for maintaining the books and records of the ILP, calculating the net asset value of the ILP and maintaining the limited partner register. |
DEPOSITARY | The depositary provides custodial services and is responsible for “safekeeping” the assets of the ILP.
A depositary also has certain oversight responsibilities with respect to the ILP. |
INVESTMENT ADVISER | An investment adviser is an optional service provider. An investment adviser appointed by the investment manager provides non-discretionary investment advice in respect of the ILP. |
AUDITOR | An ILP must appoint an auditor to audit the financial statements of the ILP. |
MLRO | An ILP must appoint a money-laundering reporting officer. |
COMPANY SECRETARY | If the GP is a corporate entity domiciled in Ireland, it will need a company secretary to maintain the books and records of the GP. |
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