This profile was last updated on 11/17/14 and contains information from public web pages.
Sean M. TuffyWrong Sean M. Tuffy?
Senior Vice President and Head of...
Local Address: Dublin, Ireland
Brown Brothers Harriman & Co.
New York , New York 10005
Company Description: A global leader with close to 200 years of experience, Brown Brothers Harriman (BBH) helps many of the world's most sophisticated mutual funds, investment managers,... more
â€œFirms, by and large, are appointing full-scope banks to act as depositary-lite or depositary under AIFMD so they can migrate business from the former to the latter once the private placement regime expires,â€ explains David Oâ€™ Keeffe, chief executive officer at SMT Trustees in Dublin, a subsidiary of SuMI Trust.
Irish service providers certainly seem well placed to provide both depositary-lite and full depositary services to AIFMs. â€œOn the full-scope depositary side, Ireland is well-ahead of the game, and certainly ahead of competing jurisdictions such as Luxembourg,â€ says Sean Tuffy, senior vice president at Brown Brothers Harriman (BBH) in Dublin. â€œIreland has had the concept of the trustee for many years now, servicing UCITS funds and non-UCITS funds such as Qualifying Investor Funds (QIFs) and their successor, the Qualifying Investor Alternative Investment Funds (QIAIFs).
Thirdly, in Ireland in particular, depositary lites face the further disadvantage that Ireland, while a world-leading fund administration centre, is not a world-leading fund-raising centre. â€œThis is the biggest challenge for Ireland in regards to building up a depositary lite industry,â€ explains Sean Tuffy of BBH. â€œESMA has made it clear that asset managers must appoint a depositary-lite in the jurisdiction or jurisdictions where the fund is being distributed or the AIFM is domiciled.