Key Benefits of Joining the EMMA ICAV Platform

1) After establishing the first dedicated Emerging Markets UCITS Platform, Milltrust is now currently establishing the first Emerging Markets dedicated AIF Platform under the ICAV structure which is offered as a white-labelled solution for international investment managers looking to convert their investment funds into a regulated vehicle.

2) Investment?managers can save time and achieve significant economies of scale by joining a platform where the significant costs and obligations, not to mention central bank approvals that are needed to set up a UCITS fund, are undertaken by an established, robust structure and first class team of service providers.

3) It is a requirement?to have a local EU based sponsor. Milltrust acts as sponsor of the AIF, and EMMA ICAV provides the structure in which the AIF resides.

4) Milltrust and State Street project-manage the entire onboarding process which takes approximately 8-12 weeks.

5) The platform is an open-architecture platform with regards to the use of prime brokers and brokers and is completely independent of any bank, thereby preventing conflicts of interest from arising.

6) Milltrust has negotiated preferential terms with all service providers as well as for Swiss legal representation through its affiliation with State Street offering a seamless platform connectivity into the Swiss investors base.

7) Investment managers can benefit from client introductions and distribution assistance through Milltrust’s global sales force and are invited to participate at Milltrust organised Emerging Markets Symposiums, events and other capital introduction initiatives.

8) The EMMA ICAV Platform’s fee will be one of the lowest in the business.

In addition, the fund would benefit from being a key building block to a global emerging markets offering composed of the collection of underlying funds on our platforms. A Global Emerging Markets Managed Accounts (?GEMMA?) portfolio managed by Milltrust also provides investors with an optimal portfolio allocation for their Emerging Markets exposure, enabling investors to outsource the geographical allocation, portfolio rebalancing and fund selection.

ICAV/QIAIF Benefits

1) An ICAV is a new alternative structure to a a limited company under Irish company law, and can be a UCITS or an AIF (alternative investment fund). In the EU, a qualifying investor AIF or QIAIF may be offered to qualifying professional investors and has very few investment restrictions ? it is required to ?spread risk? and cannot invest more than 50% in a single unregulated collective investment, and it would work well for your smaller companies investments that would not have the appropriate liquidity for UCITS.

2) Funds established under the ICAV structure are fully regulated investment vehicles with AIFMD compliant status, allowing distribution in EU. More specifically, the ICAV either appoints an EEA AIFM or is structured as a self-managed AIF. We seek approval with the Central Bank for the investment manager to be approved as the AIFM

3) Milltrust’s ICAV permits the AIF funds to be offered as US tax efficient vehicles with a simple “tick the box” registration process, and the fund can be distributed across the EU with the appropriate local registrations.

4) Milltrust’s ICAV permits easy redomiciliation of offshore funds and allows full retention of historical performance track records

5) The ICAV structure is a brand new initiative. It is widely predicted that all future Irish alternative funds will be structured through ICAV given the flexibility it offers.