Dillon Eustace
EUROPEAN LAW FIRM TO ESTABLISH OFFICE IN CAYMAN ISLANDS
A LEADING Irish law firm has opened an office in the Cayman Islands.
The new office, opened by Dillon Eustace in response to increased client demand for Cayman services, will mark the first European Union legal firm to establish a fully-serviced practice on the islands.
The office opening reflects the firm’s view that while the impact of the introduction of the Alternative Investment Fund Managers Directive may restrict access to European markets - there remains a huge volume of business focussed outside Europe on which the Directive will have little or no impact. This will ensure that the Caymans will continue to be a major domicile of choice.
Mark Thorne, Managing Partner at Dillon Eustace said: “The continued strengthening of Cayman’s regulatory regime and its focus on good corporate governance is bringing the jurisdiction more in line with established on-shore practices. This will give Dillon Eustace an opportunity to use our 20 years of experience operating in a European Union regulated jurisdiction.”
The Cayman branch will add to the firm’s existing international office network which includes Asian, European and North American representative offices. The Cayman office will provide services complementary to the firm’s Irish law offering.
Experienced funds lawyer Matt Mulry has joined the firm as a Partner with over 15 years of legal experience, more than 11 of which have focused on the offshore investment funds sector. Senior litigation specialist John Fox who has practised at the Irish and Cayman Bars for a combined total of 20 years has also joined the new Cayman office. John will develop the firm’s commercial litigation practice.
The Cayman law practice will offer a range of legal services including commercial litigation, securities litigation, funds establishment, insurance and banking. In response to the increased focus on corporate governance in Cayman and amongst institutions using Cayman as a domicile, Dillon Eustace will also be extending its compliance and regulatory practice to Cayman. Separately, the firm plans to establish a complementary corporate services firm which, subject to Cayman Islands Monetary Authority approval, will be open in Q3 2012.
Mark Thorne, Managing Partner with Dillon Eustace said: “Developing our international network remains a priority for Dillon Eustace. Establishing the first European Union based full-service legal office in the Caymans reflects the potential we see in the Cayman offering over the coming years. The Cayman Islands is one of the leading worldwide locations for fund establishment. As a firm with specialist expertise in the funds industry, having a Cayman office is a natural next step for us. Our clients appreciate the tax transparent environment as well as the progressive regulatory regime.”
Lorcan Tiernan, Partner with Dillon Eustace and lead Partner for the firm’s initiative in Cayman said: “The Cayman Islands are an excellent place to do business. Dillon Eustace has had very positive experiences with the Cayman authorities throughout the process of establishing here and looks forward to developing these relationships further. We plan to grow our team locally across our practice areas.”
Matt Mulry, Dillon Eustace’s new funds partner in Cayman said: “I am looking forward to assisting in developing Dillon Eustace’s practice in the Caymans over the coming years and to developing the firm’s longstanding relationships with on-shore counsel. Dillon Eustace has access to professional colleagues on the ground in all of the key financial centres around the world and the firm’s establishment here will be seen in these important centres of influence as a strong vote of confidence in Cayman. The importance of the Cayman Islands is likely to increase in the coming years as new regulation begins to take effect in Europe and elsewhere and fund promoters consolidate their products in both offshore and onshore jurisdictions.”
Dillon Eustace’s Cayman office will open for business from (TODAY) April 23rd, 2012.
About Dillon Eustace:
Dillon Eustace is one of Ireland’s leading law firms focusing on financial services, banking and capital markets, corporate and M&A, insurance, litigation and dispute resolution, real estate and taxation. It advises close to 25% of all funds domiciled in Ireland, making it Ireland’s largest funds advisory firm by some margin. Dillon Eustace has held this position in excess of 10 years. It has been the recipient of numerous awards for excellence of client service.
Ireland is one of the leading and the fastest growing European funds centres with close to 12,000 funds administered from the jurisdiction.
Headquartered in Dublin (Ireland) and currently in its 20th year, the firm’s international practice has seen it establish offices in New York, Hong Kong and Tokyo.
Matt Mulry joins Dillon Eustace from Prosperity Capial Management. Prior to that he was with Ogier where he has worked for the last 11 years across Cayman, Jersey and Bahraini jurisdictions. Matt has extensive experience in the Cayman Islands where he has advised on investment funds, general corporate and commercial and a number of major transactions.
John Fox joins Dillon Eustace from another Cayman practice and he has spent 2 years working at the Cayman Bar. Prior to that John practised as an Irish Barrister in Dublin for 19 years where he was involved in some of the most high profile and complex cases in the Irish courts.
For further information:
Kevin Sammon
Hume Brophy
+442034405656
Ellie Fixter
Hume Brophy
+442034405656
Irish Legal Firm Expands Asian Presence with New Office in Hong Kong
Dublin: A leading Irish legal investment funds advisory firm has opened a new office in Hong Kong as demand for locally-based expertise on European financial and regulatory issues increases.
The expansion, made by Dillon Eustace, builds on the firm’s existing presence in Asia where a Tokyo office has been in place since 2000.
Headed by Paul Moloney, Dillon Eustace’s Hong Kong office will serve many of Dillon Eustace’s existing Hong Kong - based clients as well as provide an additional point of access for the firm’s existing Chinese, Japanese and South Korean clientele.
The increase in the size of Dillon Eustace’s Asian operations comes in light of the continuing strong growth in the financial services market in Asia generally and Hong Kong specifically. The strength and recognition of both the UCITS brand and Ireland’s position as a pre-eminent domicile of choice for UCITS in Asia and Hong Kong’s position as a leading Asian financial services centre made Hong Kong the natural choice for Dillon Eustace’s expansion in Asia.
“Ireland is one of the premier asset servicing jurisdictions in the world and the Asian interest in using Ireland as a base for operations is very high,” said Mark Thorne, Managing Partner with Dillon Eustace.
“In recent years, the co-operation between the Irish Fund Industry Association (IFIA) and the Securities Association of China has greatly increased the profile of Ireland as an investment destination amongst the Asian funds community.”
“Our decision to expand into Hong Kong is a direct response to the demand we are seeing for our expertise in what is now undoubtedly one of the world’s major financial centres,” said Thorne.
Paul Moloney, Hong Kong Partner said: “This new office will facilitate both Asian asset managers with operations in Hong Kong and international managers based there who are looking at developing both UCITS and non-UCITS products. The office will also advise Asian-based companies that are considering international expansion and are looking for a tax efficient onshore jurisdiction as part of their international tax structuring.
“Clients will have open access to our financial services, tax and regulatory experts who can provide comprehensive advice on establishing a presence within Ireland.”
“Ireland’s established regulatory and tax system is providing investors with the confidence they need to establish their European operations in Dublin,” said Moloney.
Dillon Eustace’s Hong Kong office will open for business from (TODAY) 1st September 2011 and is located at 62/F The Center, 99 Queen’s Road Central, Hong Kong.
About Dillon Eustace
Dillon Eustace is one of Ireland’s leading law firms focusing on financial services, banking and capital markets, corporate and M&A, litigation and dispute resolution, real estate and taxation. Headquartered in Dublin, Ireland, the firm’s international practice has seen it establish offices in Tokyo as well as establish a strategic alliance with Arendt & Medernach, a leading Luxembourg law firm. Most recently, the firm has also opened an office in New York.
Paul Moloney is moving to his new role in Hong Kong from the corporate and taxation departments of Dillon Eustace. Paul has extensive experience in financial services, mergers and acquisitions, management buy-outs, restructurings, joint ventures, inward investment projects and equity investments. He also advises in relation to the taxation aspects of inward investment projects, mergers and acquisitions, group re-organisations, structured finance and capital markets transactions.
Press Contacts
Kevin Sammon
Hume Brophy
+44 (0)20 3440 5656