IRELAND: Irish Funds Industry Signs MOU ties with Securities Association of China

Monday July 20 2009

The Irish Funds Industry Association (IFIA) has signed a Memorandum of Understanding with its the Securities Association of China (“SAC”) which aims to strengthen the framework for mutual cooperation and development between the two investment fund industries.

This move builds upon the MOU signed between the Irish and Chinese financial regulatory authorities in October 2008 allowing Chinese investors to invest in Irish domiciled funds. This has opened up Irish-managed and administered funds to one of the world `s largest pools of private capital.

Michael Jackson, Chairman of the IFIA commented:

“The signing of this memorandum of understanding between the Securities Association of China and the Irish Funds Industry Association represents another positive development in the ongoing co-operation between two eminent funds industries.

The strength of our respective associations lies in the knowledge and experience of our members. Our success as associations depends on our being able to utilise and share that knowledge and experience to grow relationships between our jurisdictions and those of our international business partners. This agreement reflects our commitment to continue to share our knowledge and expertise to the mutual benefit of our members and fund investors. We look forward to working with our Chinese colleagues as valued partners for the benefit of both our industries.”

Gary Palmer, Chief Executive of the IFIA also welcomed the new agreement:

“Ireland is now well positioned to be an international partner to the expanding investment management industry in China and also to provide a bridge for the international industry into this important marketplace. The number of organisations looking to invest in China through Irish fund vehicles is increasing and the agreement with the SAC is further recognition of the leading role Ireland plays in the international investment funds industry.”