Q&A
Putting clients rst Highvern Ireland’s country head Philip Dempsey speaks to Real Deals about how the private wealth, fund and corporate administration services provider is supporting its clients after receiving regulatory approval Can you tell us about the process granting Highvern Ireland permission to offer administration services to alternative funds?
Philip Dempsey: Highvern Ireland was established in January 2022 as part of a strategic expansion plan, as Ireland is a key European funds domicile. It is also recognised by both investors and asset managers as one of the most robust, experienced, skilled and innovative jurisdictions to do business in. Our authorisation process took just nine months, with us receiving our regulated fund administration licence from the Central Bank of Ireland in Q4 2022. This process ensured that we developed a robust programme of activities, as our primary objective is to be a standard bearer in our industry. In addition to this licence, Highvern Ireland received its trust or company service provider licence in April 2022, allowing us to provide corporate administration services to Section 110 and SPV vehicles. With the evolving nature of funds, and with the increasing use of hybrid structures containing both regulated and corporate funds, we can service and manage both out of each client-centric team.
What makes your business stand apart?
Dempsey: Our focus is on adding real value to our client’s business by delivering a market-leading service. With significant consolidation of service providers having already taken place, the risk to the client is that their business will become lost in the newly consolidated provider. While we continue to grow, this will always be with both integrity and in a controlled manner. We differentiate and compete, not on size, but on service delivery, expertise and pricing transparency. Unlike many, we are focused on a single platform to eliminate inefficiency, distraction and disruption, ensuring that our service model is particular to each client we work with.
We differentiate and compete, not on size, but on service delivery, expertise and pricing transparency Can you go into more detail about expertise in compliance and regulations?
Dempsey: In building a scalable and client-centric business, we put our compliance framework at the centre of how we operate. In having a strong ethos of compliance and risk management at the heart of our business model, we have the internal and external controls to protect our own business, and that of our clients. We have a dedicated and experienced compliance team and a robust compliance framework, both of which help us to better serve our clients and operate efficiently in each of our jurisdictions.
How important is it to have deep domain expertise in Ireland and how does it benefit your clients?
Dempsey: The Irish team has more than 60 years of combined experience, covering knowledge of the industry and a large network of contacts. Tapping into that resource is important to providing the best service to your clients. The Highvern Ireland team knows the local market, the products we service and can talk to the operational side, understanding issues when they arise and working through solutions to get our clients the best outcome. Being a trusted partner for other market intermediaries who we work with is equally important. We can help with the process of independent director selection, tailoring according to the client strategy and profile.
How does the intersection between private wealth and funds inform your approach to client relationships and service offerings?
Dempsey: We are seeing more of a trend and crossover where private wealth clients are becoming larger and more institutional in nature. They are starting to look much more at fund structures and regulated fund structures as investment vehicles of choice. In this respect, our funds and private wealth businesses intersect in that we can service their needs from both perspectives and across multiple jurisdictions.
Are there any specific product lines that you offer to clients?
Dempsey: Our specialism is alternative investment funds, including closed-ended and openended (limited liquidity) funds. For these types of fund structures, whether they be ICAVs, Investment Limited Partnerships, unit trusts or unregulated 1907 LPs, or indeed the GPs themselves, we offer a full endto-end product suite. We have an industry-leading approach to fund administration, regulatory compliance and MLRO, audit liaison and directorship services. For our private wealth business, we have specialist teams that provide the full suite of trust and administration services too.
How do you incorporate ESG considerations into your business practices?
everything we do and to reflect this we have an ESG committee across each of our jurisdictions. Having the broadest and most diverse team allows us to think and act differently – collaboration and ideas sharing a huge focus. We support local charities, events and people who are passionate about these endeavours and encourage our employees to give back through CSR days, wellbeing challenges and activities such as tree planting and beach cleanups. Highvern is also proud to participate in local initiatives such as the Green Team Network in Ireland.
Where do you see Highvern heading in the coming years?
Dempsey: The group itself was started in 1969 and has very wellestablished businesses in the other jurisdictions. As a newly established business in Ireland, we have a clean slate to build a scalable business based upon trust, partnership, transparency and efficiency, all reflecting high-quality service to our clients. In concentrating on our specialisms, we provide deep domain expertise in the private funds space. We’re focused on keeping our identity as a trusted partner and being here for a very long time. Our aim is to work with clients who, as their businesses grow, know exactly the high service standard they will get from us. ● IN ASSOCIATION WITH
Dempsey: ESG is embedded in
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