On 18 July 2019, The Central Bank of Ireland (the "Central Bank") published a press release and an industry letter (the "Letter") arising from its thematic review of UCITS funds on the subject of closet indexing, on the Central Bank website.

Background

In December 2018, the Central Bank confirmed that it was analysing over 2,000 Irish domiciled UCITS which claim to be actively managed, to ensure investors are not disadvantaged by "funds operating in a manner that is not consistent with the way in which they have presented their objectives, policies and charges". The analysis involved an assessment of "closet indexing" where the investment policy (I) indicates that the fund operates an active strategy, while the fund's performance in reality adheres closely to a benchmark and therefore implements an investment strategy which requires less input from the investment manager and/or (II) charges management fees in line with those of funds that are considered to be actively managed.

This is the largest data driven thematic review of the funds industry to date. Detailed analysis was carried out on all of the 2,550 Irish authorised UCITS funds classified as actively managed as at March 2018 against a suite of over 2,500 indices using analytical parameters of Tracking Error Volatility, R-squared and Beta, in order to identify those UCITS funds that appeared to be closely moving in line with an index.

Walkers Ireland is delighted to have been shortlisted in the Allianz 2019 Business to Arts Awards under the Best Staff Creative Engagement category for "Walkers Photographer-in-Residence" programme together with visual artist, Kate Nolan.

The Allianz Business to Arts Awards is the most prominent arts and business networking event in the Irish calendar and the ceremony will take place on Tuesday, 3 September at the Bord Gáis Energy Theatre. These awards recognise and champion the spirit of collaboration between businesses, artists and arts organisations that develop creative partnerships.

Walkers has been specifically recognised for innovative and mutually beneficial work with Kate Nolan, our people and CBS Westland Row through the "Walkers Photographer-in-Residence" programme during the last two years. This collaboration has brought further creativity into the workplace and engaged our people in collaborative photography workshops with students and teachers from CBS Westland Row. Commenting on the programme, Garry Ferguson says, "As a long term resident in the Docklands area, we are pleased to have introduced photography as an art form into the daily routine of those living, working and attending school in this locality." Also remarking on the shortlisting, Kate Nolan says, "After 2 years working with Walkers, it's a great honour to be recognised for the collaboration we achieved through fun and respect while working with engaged young people at CBS Westland Row." Further details of Kate Nolan's residency and of the programme can be read here.

President Michael D Higgins is Patron of Business to Arts and the 2019 Business to Arts Judges included: Donal O'Donovan, Independent News & Media, Antonia Mc Taggart, Facebook, Robert Mc Evoy, Allianz Ireland, Rachel Hussey, Arthur Cox, Andrew Hetherington, Business to Arts, Petal Piley, Blue Teapot Theatre Company and Gerard McNaughton, Tile Style. The awards are sponsored by Allianz Ireland, the DAA and Tile Style with Independent News and Media as media partner and Bord Gáis Energy Theatre as venue partner.

The full awards shortlist can be viewed here.

Walkers Global Aviation Finance Group has recently been ranked seventh in AirFinance Journal's ("AFJ") annual Legal Survey. Walkers is the only offshore law firm recognized in the published rankings, and is listed among the leading international law firms in the aviation market who Walkers regularly partners with to advise on the local law elements of their global aviation transactions.

The legal survey reviews transactions from 2018, which is then used to recognize the most active law firms in the aviation sector based upon deals completed in a number of categories around the world.

James Burch, partner in Walkers Aviation Finance Practice, stated: "We are thrilled to be recognized by AFJ for our achievements in the aviation sector alongside the leading names in the market. It is testament to the quality of the service that the team has provided to our clients over the past 12 months that we are the only offshore law firm recognized in AFJ's top 10 rankings. We fully anticipate continued growth in the aviation sector in 2019 as investors continue to show an appetite for aviation ABS and related products."

Walkers Global Aviation Group was involved in a number of transactions recognised by AFJ earlier this year, including their "Overall Capital Markets Deal of the Year" for the Thunderbolt II US$450m ABS for 18 aircraft, and the "Middle East & Africa Deal of the Year" for the Ethiopian Airlines US$670m AFIC-supported financing for eight Boeing aircraft.

Walkers Aviation Finance partner, David McGovern, stated: "We're very happy that the commitment and quality of the Walkers legal product has been recognised by the leading journal in our industry. Walkers, through its legal and corporate services businesses, is very well placed to support a market which continues to grow through the establishment of leasing platforms and to employ capital markets products as a means to finance aircraft."

Walkers offers Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Ireland and Jersey (Channel Islands) legal advice in relation to aviation finance transactions on a global basis.

Seven Walkers lawyers, from three offices, have been ranked in Chambers and Partners' 2019 High Net Worth ("HNW") Guide. This is the highest number of Walkers lawyers ever ranked in the guide and also the inaugural year that the Walkers Guernsey team have been recognised in Chambers' HNW guide.

Walkers' Private Capital & Trusts partner David Pytches commented: "It is pleasing to see that our global growth and the value delivered by the Private Capital & Trusts team are recognised by clients and the legal directories."

Walkers Global Private Capital and Trusts group delivers highly commercial legal solutions across practice areas and sectors. We work with high-net-worth individuals, family businesses, family offices, private banks and trust companies and their advisers to provide timely, customised advice across jurisdictions that address the particular sensitivities of private capital clients.

The following lawyers have been singled out by Chambers and Partners:

David Pytches (Band 2), Cayman Islands: "is a "very well-respected practitioner," says one of his peers, describing him as "fabulous" and a "very safe pair of hands." A London lawyer notes that "he is very reliable, pleasant and easy to work with," and a market insider adds: "He is someone you can do business with. He is very practical and approachable"."

Robert Dobbyn (Band 2), Jersey: "provides advice on a broad spectrum of non-contentious trust and foundation matters. "He is very good and very thorough and really switched-on. He is methodical in the way he deals with things and is a good person to deal with for our HNW clients," reports an international lawyer."

Monique Bhullar (Band 3), Cayman Islands: "has "long-standing experience in the Cayman Islands," notes a fellow practitioner; "she is great, she is a safe pair of hands." The source adds: "She has a mountain of knowledge when it comes to Cayman laws and is particularly skilled when dealing with unit trusts." Another market source says Bhullar is "very practical, very timely and explains things in plain English"."

Shelley White (Band 3), Cayman Islands: "is a "strong litigator and a good lawyer," note sources. "She knows her way round disputes," says one lawyer, with another adding: "She is strong on private client litigation, she is an excellent advocate. She is one of the best advocates. She does a really great job in court, she is tenacious and prodigiously hard-working." A market insider says: "Her performance is excellent. She is very responsive, she really follows through with the advice she gives and makes sure the client is satisfied"."

Rajah Abusrewil (Band 3), Guernsey: "is described as being "very good on broad trust issues." She regularly advises fiduciary companies and banking and investment organisations on the full spectrum of non-contentious trust matters. Market sources describe her as "solid and reliable" and note that "her drafting is very good"."

Rupert Morris (Up & Coming), Guernsey: "is praised for his experience in contentious matters. A local source reports that "he is a strong litigator with trust experience," adding that "he is good at managing the details in a case and is always on top of things." Another Guernsey interviewee comments: "He is making a name for himself in this world; he understands the law very well"."

Lucy Diggle (Up & Coming), Cayman Islands: "is a "determined and effective trust litigator," says a peer, with another adding: "She is really impressive and will have a great future." Market insiders describe her as "very reliable and easy to work alongside," adding: "She is good on both wealth structuring and litigation. She can look at trust matters critically and see problems before they arise"."

"Walkers is highly regarded in the Cayman market for advising high net worth individuals, private banks and trust companies on local and international trust matters." The Cayman practice retained its Band 1 status.

"The trusts and wealth structuring group in Jersey has recently expanded, and a market insider comments that "the momentum is with them as these Caribbean firms are now investing a lot in the Channel Islands - they made some key hires and are investing heavily." The Jersey practice retained its Band 2 status.

"The team in Guernsey is seen as "growing" and can offer extensive cross-border advice on international private client matters. The firm can also handle trust litigation and provides high-level dispute resolution advice in relation to contentious matters." The Guernsey practice entered the rankings for the first time and is ranked in Band 3.

The Chambers HNW guide ranks the top lawyers and law firms for international private wealth. The guide also recommends leading accountancy firms, private banks, wealth managers, trust companies and other professional advisers to HNW and UHNW clients around the world.