ey’s leadership in asset management · from fast response time and customised services, as well...

EY’s leadership in asset managementWhy EY?

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EY’s leadership in asset management

Ireland is the location of choice for internationally distributed investment funds, a gateway to establish and service investment funds sold to investors across the globe.

More than 915 fund promoters from over 50 countries have chosen Ireland as their international fund hub.

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The Investment Funds Industry in Ireland

Ireland is Europe’s fastest growing fund servicing centre and hosts the largest hedge fund administration centre in the world, servicing in excess of €2.3 trillion of assets across 12,303 funds.

Did you know...?• ►Irelandisthelargesthedgefund

administrationcentreintheworld

• ►IrelandisamajorandgrowingcentreforinternationallydistributedUCITS

• ►Irelandisaninternationallyrecognised,openandtaxefficientjurisdictionwiththelowestheadlinecorporatetaxintheOCED

• ►Irelandisaleadingdomicileforexchangetradedfunds

• ►IrelandisaleadingEuropeandomicileformoneymarketfunds

• ►Irelandhasthelargestnumberofstockexchangelistedinvestmentfunds

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Leading provider of services to the Irish and global asset management industry

In today’s complex business environment, the asset management and financial services industries demand a dynamic approach to managing uncertainties and opportunities. At Ernst & Young (EY), our integrated and flexible Financial Services team, unique in our profession, works without boundaries between people, disciplines and geography.WearethemostgloballyintegratedBigFourorganisationandbringatrulyborderlessapproachtotheglobalmarketsweserve.Thisuniquestructuredeliversareliable,efficientandhighqualityservicetoourclients.Asaresult,ourclientscanbenefitfromfastresponsetimeandcustomisedservices,aswellasbroad,experiencedteamswithdeepindustryknowledgeandaconsistentapproach.

Did you know...?EYisaleadingproviderofservicestoglobalassetmanagers.

Global money managers• ►EYauditsfundsatover35%ofthetop25globalmoney

managers

• ►EYprovidesservicesto24ofthetop25globalmoneymanagers

Ranking list source: Pensions & Investments, AUM as of 31 December 2010)

Global hedge funds• ►EYauditsfundsatapproximately40%ofthetop100global

hedgefunds

• ►EYprovidestaxservicestoapproximately50%ofthetop100globalhedgefunds

Ranking list source: HF Intelligence’s Global Billion Dollar Club, AUM as of 1 January 2011)

Global fund of hedge funds• ►EYauditsfundsatapproximately40%ofthetop50global

fundofhedgefunds

Ranking list source: HF Journal’s Global 50 for 2010)

Global private equity firms• ►EYauditsfundsat40%ofthetop25globalprivateequity

firms

• ►EYprovidesservicesto89%ofthetop25globalprivateequityfirms

• ►EYprovidestransactionadvisoryservicesto84%ofthetop25globalprivateequityfirms

• ►EYprovidestaxservicesto80%ofthetop25globalprivateequityfirms

Ranking list source: Private Equity International Magazine’s PEI 300 for 2010, ranked by 5-year capital raising)

Note:‘providesservices’meansweserveinanycapacitywhetheraudit,tax,transactions,advisory,orsomecombinationofthese.

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Our primary asset management office locationsHow we can help

New York

Tokyo

Seoul

Moscow

Oslo

RomeSan Francisco

Los Angeles

Toronto

Capetown

Manila

Taipei

Beijing

Rio deJaneiro

Buenos AiresSantiago

Chicago

Dallas

Washington D.C.

Houston

AtlantaSan Jose

Boston

Montreal

Philadelphia

London

Sao Paulo

Zurich

Sydney

Madrid

Bahrain Malta

Milan

Frankfurt

ShanghaiHong Kong

Bahamas

Geneva

New Delhi

Munsbach

Tampa

Cayman Islands

Bermuda

Curacao

DublinAmsterdam

LuxembourgEdinburgh

Tel Aviv

MinneapolisParisJersey

Guernsey

Singapore

Mumbai(Bombay)

Munich

Charlotte

Cincinatti

Denver Kansas City

Milwaukee

Pittsburgh

San Antonio

Bangalore

FATCA (Foreign Account Tax Compliance Act) Collaboratingacrossallofourpractices,wearehelpingassetmanagementclientsassessthecomplianceandoperationalchallengespresentedbynewFATCAlegislation.

Infrastructure, IT and controlsWesupportourassetmanagementclientsastheyrespondtochangingbusinessandregulatoryrequirementsandpositionthemselvesforfuturegrowth.Teamingacrossservicelines,wesupportourclientsneedsrelatedtooperatingmodels,SSAE16/SOC1,SOC2,security,anddatamanagement.

New product developmentWorkingasglobalclientteams,wesupportourclientsastheyconsiderdistribution,emergingandgrowthproducts,theimpactofAIFMD,UCITSIVservices,ETFs,andothers.

Risk and regulatoryTeamingwithourriskandregulatorypractices,wecandeliverastructuredframeworkforriskandgovernanceservicessuchascompliancereadinessassessmentsandSolvencyII.

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We provide global services in three main areas

Assurance• Accountingandfinancialreporting

• Externalaudit

• Financialaccountingadvisory

• Fraud,investigationanddisputes

• GIPSandinvestmentperformancereporting

• Serviceorganisationcontrolreporting

Advisory• Performanceimprovement

• Regulatorycompliance

• Riskmanagement

• Quantitative

• Informationtechnology

• Internalaudit

• Globaltreasury

• FATCAadvisory

Tax• Internationaltaxplanning,includingtransferpricingandglobal

taxanalysis

• Jurisdictionaltaxservices(withholding,capitalgains,incomeandtransfertaxes)

• Taxcomplianceservicesforfunds

• Transactiontaxes,e.g.FTT

• Humancapital,includingperformanceandreward

• Taxaccountingandriskadvisory

• Businesstaxcompliance

• Individualtaxplanningandcompliance

• State-of-the-arttaxreporting,compliancereportingandinvestortaxminimisationapproaches

• Hedgefundstructuringfortaxefficiency

• Uncertaintaxposition(FIN48)analysis

• FATCAcompliance

Ass

urance

Advisory

Tax

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AssuranceOurglobalauditmethodologyfocusesonhowyourbusinessworksandonunderstandingtherisksrelatedtofinancialstatementsandinternalcontrolsoverfinancialreporting.Weprovideaflexibleauditframeworkwithasystematicapproachtoplanning.Onthisfoundation,wecollaboratewithclientstocodevelopexpectations,reduceriskandprovideanaudittailoredtotheirneeds.

Ourlong-standingexperienceintheindustryprovidesuswithuncommoninsightsintothespectrumofpotentialrisksandthenecessaryinternalcontrols.Valuationhasincreasinglybecomeoneofthemostchallengingareasthatfundsandtheirboardsofdirectorsface.Inuncertainmarketconditions,coupledwiththeproliferationofevermorecomplexandinnovativefinancialinstrumentsandproductdesigns,fundmanagersdemandanexperiencedandbroadteamofprofessionalstoservethem.Ourauditteamsleveragetheknowledgeandskillsofourentireassetmanagementpractice,includingthoseofinternalvaluationprofessionalsintheareasofderivatives,structuredproductsandprivatecompanyvaluations.

Inaddition,weofferservicescustomisedtomeetyourinternalcontrolreportingneeds.WhetherSAS70examinationsoragreed-uponproceduresforratingagencyagreements,valuationandcomplianceprograms,wewillworkwithyoutofindtheappropriaterecommendationtomeetyourneedsaswellastheneedsofyourusercommunity.

Our IFRS and financial accounting advisory service capabilities

Astheglobaleconomybeginstoemergefromrecenteconomicupheaval,severalkeychangesaretakingplaceacrossthebusinesslandscape.Regulatorsareincreasinglyfocusingonchangingandupdatingfinancialandaccountingstandardstoreflectanewbusinessimperative,withtheultimategoalofeventuallyachievingaconsistentglobalframework.

• ►EYhasaproventrackrecordinsupportingIFRSconversionandaccountingchange/implementationprojects.

• ►Weunderstandtheopportunitiesandchallengesarisingfromimplementingprinciplebasedglobalstandardsacrossawiderangeoflocalmarkets.

• ►Wecanprovideaccesstoawell-establishedglobalUSGAAPandIFRSknowledgenetworkwhichcansupportyourlocalrequirementsandyourclientsreportingdemands.

• ►Wecanuseacceleratorswehavedevelopedtoassistyouinreducingimplementationorconvergencecost,retainingclientsandsupportingbusinessgrowththroughfirstclassservicedelivery.

Fraud investigation and dispute services

Thefinancialserviceslandscapecontinuestoberedefined,asinternalcontrols,riskmanagementandregulatorycompliancehaverisentounprecedentedlevels.Inadditiontothedemandforgreateraccountability,ourclientsmustmanageheightenedscrutinyfromthemediaandpublic.Whenconflictsarise,firmsmustrespondwithspeedandefficiencytoinvestigatetheunderlyingfactsandthenremedytheissue.Ourprofessionalsinvestigateunusualfinancialactivity,performelectronicevidencediscoveryandreviewfinancialreports—allwiththesensitivityandurgencyyourequire.Ourknowledgecomesfromourexperiencedealingwithmattersofaccountingmalpractice,anti-corruptionandregulatorycompliance.

GIPS and investment performance reporting

EY’sInvestmentPerformanceServices(IPS)practicehasassistedtraditionalandalternativeinvestmentmanagersworldwidewiththeimplementationoftheGlobalInvestmentPerformanceStandards.OurIPSpracticeissupportedbyproprietarycommunicationandinfrastructuretechnology,whichallowsourclientstoreceiveup-to-dateinformationinthisrapidlychangingmarketplace,whileprovidingaplatformforeasycommunicationandthepropermanagementofglobalengagements.

Service organisation control reporting

TheincreasingtrendtowardstheglobalisationofAssetManagementorganisationsandtheoutsourcingofbusinessprocesses,coupledwithgreaterdemandsfromstakeholdersfortransparencyandtheimportanceofmanagingandreducingrisks,havemadeISAE3402orSSAE16examinations(formerlySAS70)astrategicpriorityforAssetManagementfirms.Inaworldofchangingauditingstandardsandregulatoryrequirements,AssetManagersmustbeabletoconveytrustandconfidenceintheircontrolsiftheyaretoretainandwinnewcustomers.ASSAE16orISAE3402reportisnotjustatoolformeetingaclient’srequirements.Rather,itisahighlyusefuldescriptionofanAssetManager’scontrols,processesandprocedures—andcanbeusedtocommunicatedetailsofthosecontrolsandprocessestoitsclient.

Ass

urance Advisory

Tax

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AdvisoryOurdedicatedassetmanagementpracticehelpsclientscreateascalableoperatingmodel,prepareforgrowth,managerisk,enhanceoperationaleffectivenessandefficiency,maintainadequatecontrols,navigateregulatorycomplianceandleveragetechnology.

Performance improvement advisory services

Financialservicesfirmsmustcontinuouslyimprovetheirperformanceandsustainthatimprovementinarapidlychangingbusinessenvironment.Ourbusinessadvisoryprofessionalsbringtheirexperienceofworkingwithalternativeassetmanagerstohelpourclientsachievesustainableimprovementinperformanceandprofitability.Weassembletherightmultidisciplinaryteams,useconsistentandprovenglobalmethodologiesandtoolsanddrawonthefullbreadthofEY’sglobalreach,capabilitiesandexperience.Weleverageourbroadsectorexperience,deepsubjectmatterknowledgeandthelatestinsightsfromourworkworldwideinhelpingourclientsinstitutechange.

Regulatory compliance advisory services

Newandcomplexregulationscombinedwithincreasingregulatorscrutinyandenforcementcontinuetoexpandtheroleofcompliance.Ourteamhasadepthofknowledgeofboththeregulatorybodiesandtheindustryenvironment.Ourapproachistogobeyondtheidentificationofregulatoryriskstoincludepracticalriskmitigationprogramstailoredtothespecialneedsofyourcompany.

Risk management advisory services

Inthisenvironmentofheightenedstakeholderexpectations,firmsareformalisingtheirriskfunctionstoestablishandputintooperationearlywarningsystems.Wehaveprovenmethodologies,toolsandexperiencetoassistassetmanagementfirmsinidentifying,monitoringandmanagingriskeffectivelyandefficiently.

Quantitative advisory services

Firmsmusteffectivelymeasure,evaluateandmonitorrisk. EY’squantitativeadvisoryservicesteamhashands-onindustryexperience,strongtechnicalskillsandathoroughunderstandingofsupervisory,shareholderandbusinessstakeholderexpectations.Ourquantitativeskillsareappliedinbuildingproprietarymodelsaswellasreviewingandvalidatingservicesforabroadrangeofthird-partyandclient-specificmodels,includingmarketrisk,creditrisk,operationalrisk,pricingandvaluation,economiccapitalandcapitalreserves.

Information technology advisory services

Today’sassetmanagementfirmsfaceabarrageofchallenges:industryregulation,globalisation,competition,complexityofproductsandsecurities,resourceconstraintsandchangingtechnologystandardsandprotocols.Remainingcompetitiveandrespondingeffectivelytothesechallengesrequireanongoingassessmentandstrategicinvestmentinthefirm’stechnologyinfrastructure,dataarchitecture,businessapplicationsandfront-to-backoperatingmodel.Ourinformationtechnologyadvisoryservicespracticefocusesonconnectingbusinesswithtechnologytohelpourclientsmanagetheirtechnologyassetsinanintelligentandefficientmanner.

Internal audit advisory services

Today’sorganisationsneedacomprehensiveapproachtoriskmanagementandcontrolsthatnotonlyidentifiesandmitigatesriskbutalsoimprovesoverallbusinessperformance.Maintainingastronginternalcontrolstructurehasneverbeenmoreimportanttoleadership.Boardmembers,auditcommitteesandseniorexecutivesarebeingchallengedtodevelopandmaintainaninternalcontrolenvironmentthatsatisfiesstakeholders’governanceexpectationsandprovidesafoundationforcomplyingwithfutureregulatoryrequirements.Ourinternalauditprofessionalsarepreparedtomeettheseneeds,thankstotheirextensiveexperiencegainedinprovidinginternalauditservicestobothpublicandprivate,traditionalandalternativeassetmanagersallovertheworld.

Global treasury advisory services

Changingmarketconditions,regulatoryrequirementsandinvestorexpectationsarecreatingnewtreasurychallengesforassetmanagementorganisations.Asfirmsevaluatehowtoeffectivelystructureandutilisetreasuryresourcestosupporttheirorganisations’evolvingbusinessmodels,theyareincreasinglylookingforoutsideassistanceandknowledgeofbestpractices.Ourglobaltreasuryadvisoryservicespracticeispartofanintegratedglobalnetworkoftreasuryprofessionalswhoshareresources,methodologies,industrytrendsandpracticestorecommendsuccessfulapproachestoourassetmanagementclients’treasuryandcashmanagementchallenges.

FATCA advisory services

FATCAisanewareaofUSlegislationenactedinMarch2010thatwillcomeintoeffectfrom1July2014.FATCAwithholdingandinformationreportingrulescreatesignificantcomplianceandoperationschallengesforassetmanagementorganisations.TimelyFATCAassessmentatanearlystagewillhelpfirmsprepareandwillultimatelyminimisecostsandpotentialbusinessissues.OurFATCAengagementexperiencehastaughtusthatFATCAstartsoutasataxprojectbutrapidlymovesintoIT,operations,andultimatelytoimpactmostareasofanassetmanagementfirm.TomeettheFATCAimplementationdeadline,weoffercustomisedtools,afocusedapproachon‘shrinkingtheproblem’andacommitmenttodevelopingacloseworkingrelationshipbetweentax,advisoryandtheorganisation.

Ass

urance Advisory

Tax

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Tax EY’sglobalassetmanagementpracticebringstogetherthebroadindustryandtaxknowledgeofthousandsofprofessionals.Withofficesworldwide,wearetheleadingserviceprovidertohedgefundsandothernontraditionalinvestmentmanagers,bothonshoreandoffshore.Ourclientsbenefitnotonlyfromourexperiencewithnumerousassetmanagersandfundsbutalsofromthedynamicblendofcross-bordertaxservicesweprovidesellers,buyersandfinancialintermediaries.

Weassistfundsinaddressingthecomplexityandchallengesinherentintheirdomesticandglobalstructures.Thebreadthofourtaxservicesrangesfromplanningandtaxauditassistancethroughtaxaccounting,controlsandcompliance.Ourtaxservicesinclude:

• Internationaltaxplanning,includingtransferpricingandglobaltaxanalysis

• Jurisdictionaltaxservices(witholding,capitalgains,incomeandtransfertaxes)

• Taxcomplianceservicesforfunds

• Transactiontaxes,e.g.FTT

• Humancapital,includingperformanceandreward

• Taxaccountingandriskadvisory

• Businesstaxcompliance

• Individualtaxplanningandcompliance

• State-of-the-arttaxreporting,compliancereportingandinvestortaxminimisationapproaches

• Hedgefundstructuringfortaxefficiency

• Uncertaintaxposition(FIN48)analysis

• FATCAcompliance

Thought leadership Weworkproactivelytoprovideourclientswiththelatestinformationontrendsandissuesaffectingtheassetmanagementindustryandvaluetheopportunitiestoshareourconsiderableinsightwithclientsthoughtthoughleadershipandclientbriefings.

Ass

urance Advisory

Tax

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Eoin MacManus EoinisMarketsLeaderforFinancialServicesinIreland,andhasover20years’experienceofprovidingauditservicestotheAssetManagementIndustry.HeisanassurancepartnertosomeofthelargesthedgefundsinEurope,inadditiontomanyprominentbanksandinstitutionsthatofferbothregulatedandunregulatedproductsinthedomesticandEuropeanassetmanagementmarket.

Tel: +353 1 221 2637Email: [email protected]

Aidan TiernanAidanhasmorethan20yearsexperienceintheprovisionofauditandotherassuranceservicestotheassetmanagementandbankingindustries.HisfundauditexperienceincludestheauditsofavarietyofIrishregulatedandoffshorefundsincludingdistresseddebt,loan,structuredproductfunds,privateequityfunds,fundsoffunds,moneymarketfundsandawidevarietyofalternativeinvestmentfunds.AidanleadsourIrishregulatedfundsauditpracticeandrepresentsIrelandonourEMEIARegulatedFundsGroup.

Tel: +353 1 221 2623 Email: [email protected]

Vincent BerginVincentisresponsiblefortheprovisionofauditandstructuringservicestohedgefunds,securitisationvehiclesandnon-retailbanks.Hehasworkedexclusivelyinfinancialservicesfor25years.HehasworkedwithsomeofEurope’slargesthedgefunds,Ireland’slargestinstitutionsandtheIrishoperationsofUKandEuropeanbanks.


Lisa KealyLisaisapartnerintheEYFinancialServicesGroupandhasmorethan18years’experienceintheprovisionofauditandadvisoryservicestothefinancialservicesindustry.LisaspecialisesinassetmanagementandherclientbaseincludesIrishandoffshoreinvestmentfunds,assetmanagementcompanies,administratorsandtreasuryoperations.Lisaleadsthefirm’sEMEIAETFGroup


Irish Asset Management Centre contacts OurpartnersareactivelyinvolvedintheinvestmentmanagementcommunitywithinIreland.WearerepresentedonavarietyofprofessionalindustrybodiesincludingtheAlternativeInvestmentManagementAssociation(AIMA)andafoundingmemberoftheIrishFundIndustryAssociation(IFIA).Wearecommittedtoensuringthattheneedsofourclientsareconsideredatallrelevantindustryforums.OurtechnicalteamisinconstantcontactwiththeIFIA,theDepartmentofFinance,theCentralBankofIrelandandtheInstituteofCharteredAccountantsinIrelandamongothers.OurtaxteamisalsoactivelyengagedwithtaxregulatorsandrevenuecommissionersbothinIrelandandinjurisdictionswhichimpactonourclientstodiscussproposedchangestotaxregimesalongwiththeirpotentialimpact.

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Gareth HarmanGarethisresponsiblefortheprovisionofauditandotherservicestofundsindustry.Hehasmorethan13yearsexperienceintheprovisionofauditandadvisoryservicestothefinancialservicesindustry,including5yearswithEY,Bermuda.HehasextensiveexperienceofclientsreportingunderIrishandUKGAAP,USGAAPandInternationalFinancialReportingStandards(IFRS).HeispresentlytheChairmanoftheTechnicalCommitteeoftheIrishFundsIndustryAssociationandamemberoftheEFAMAIFRSWorkingGroup.


Fergus McNallyFergushasextensiveexperienceofprovidingauditandadvisoryservicestoassetmanagementclients.HesitsontheIrishFundIndustryAssociation’sAlternativeInvestmentCommitteewherehechairstheValuationandOperationssub-committee.Fergusspecialisesinalternativeinvestmentfunds,offshoreinvestmentfundsandassetmanagementcompanies.


Donal O’SullivanDonalisarecognisedexpertontaxationandregulatoryissuesintheassetmanagementindustry.HecurrentlyparticipatesintheIrishFundsIndustryAssociation’sTaxWorkingGroupandisEY’sEMEIASolutionleaderforUCITSIVandPensionandassetpooling.


Billy McMahonBillyhasover15yearsexperienceinthefinancialservicestaxationfieldandservesawidevarietyofclients.Hehasextensiveexperienceininternationaltaxstructuring.Hismainareasofexpertiseincludecross-borderstructuring,assetmanagementandsecuritisation.Headvisesclientsonalltaxmattersrelatingtointernationalfundsincludingdirecttaxes,withholdingtaxes,VAT,UCITSIII/IV,theEUSavingsDirective,andassetpoolingstructures.


Cormac MurphyCormacisthepartnerresponsibleforleadingourFinancialServicesRiskAdvisorypracticeinIreland.HeprovidesSAS70assurancetoarangeofassetadministrationandtreasuryservicesorganisations.HeprovidesongoingsupportfortheCentralBankofIrelandinperformingindustrywideAMLthematicreviewsandalsoadvisesonorganisationalstructures,managementinformationsystems,controlreviewsandbusinessplanningadviceforavarietyoffinancialinstitutions.


Julie FentonJulieleadsEY’sIrishFraud,InvestigationandDisputeteam.Juliehasmorethan20yearsexperienceinthedeliveryofprofessionalservicestoclientswith10ofthoseworkinginforensicaccounting.Julie’sexperienceinforensicaccountinganddisputeresolutionhasledhertodevelopanarrayofskillswhichcanbeutilisedinallphasesofadisputeprocess.


Patricia Stack Patriciaisadirectorinourriskadvisoryservicesteamfocusingonprogrammeassuranceandchangemanagement.Shespecialisesinchangemanagementandcommunications.Shehasdevelopedbusinessstrategiesandoperationalmodelsandhasbeenresponsiblefordevelopingandimplementinganumberofchangestrategieswithinthefinancialservicessector.


Brian Binchy Brianisadirectorinourriskadvisoryservicesteamwith10yearsexperienceworkinginfinancialservices.Headvisesabroadrangeoffinancialinstitutionsontheirregulatoryrequirementsandtheimplicationsofnewlegislation.HehasundertakenimpactassessmentandgapanalysisforfirmsagainstspecificrequirementsincludingSolvencyII,AMLandMiFID.


EY|Assurance|Tax|Transactions|Advisory

About EY

EYisagloballeaderinassurance,tax,transactionandadvisoryservices.Theinsightsandqualityserviceswedeliverhelpbuildtrustandconfidenceinthecapitalmarketsandineconomiestheworldover.Wedevelopoutstandingleaderswhoteamtodeliveronourpromisestoallofourstakeholders.Insodoing,weplayacriticalroleinbuildingabetterworkingworldforourpeople,forourclientsandforourcommunities.

EYreferstotheglobalorganisationandmayrefertooneormoreofthememberfirmsofErnst&YoungGlobalLimited,eachofwhichisaseparatelegalentity.Ernst&YoungGlobalLimited,aUKcompanylimitedbyguarantee,doesnotprovideservicestoclients.Formoreinformationaboutourorganisation,pleasevisitey.com.

©2013Ernst&Young.PublishedinIreland.AllRightsReserved.

3826.indd10/13.ArtworkbytheBSC(Ireland)

EDNone

TheIrishfirmErnst&YoungisamemberpracticeofErnst&YoungGlobalLimited.ItisauthorisedbytheInstituteofCharteredAccountantsinIrelandtocarryoninvestmentbusinessintheRepublicofIreland.

Ernst&Young,HarcourtCentre,HarcourtStreet,Dublin2,Ireland.

Informationinthispublicationisintendedtoprovideonlyageneraloutlineofthesubjectscovered.Itshouldneitherberegardedascomprehensivenorsufficientformakingdecisions,norshoulditbeusedinplaceofprofessionaladvice.Ernst&Youngacceptsnoresponsibilityforanylossarisingfromanyactiontakenornottaken

byanyoneusingthismaterial.

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ey’s leadership in asset management · from fast response time and customised services, as well...

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