Financial News

Fostering funds law education

By Business & Finance
15 November 2013
Liz Grace

Industry partnerships with academia vital to give Irish graduates the right skills, writes Liz Grace.

Ireland is recognised internationally as a centre for excellence and innovation in investment funds. The investment funds industry is a growth area for jobs in Ireland, employing about 12,000 people. However, until this year, funds law was not taught in any Irish university.

It was a privilege to help address this gap in Irish third-level education by creating Ireland’s first funds law course this year in conjunction with the National University of Ireland Maynooth.
I believe that partnerships like this between academia and industry are critical to impart the knowledge and skills our students need to succeed in the financial services sector.

n a move which literally pushed the boundaries of a traditional university campus, each week a class of students from NUI Maynooth came to Matheson’s docklands headquarters to learn about funds law.

In setting up the course, my objective was to combine an innovative learning opportunity with a thriving area of the Irish economy, and to build a bridge between Irish graduates and an important area of global business activity conducted in and through Ireland.

For the students, the course offered knowledge usually only accessible at professional level, giving them a significant edge in a key growth area in an often difficult graduate jobs market.

Innovative learning

The impetus and momentum necessary to make the course happen arose from a discussion between myself and Professor Sandeep Gopalan, then head of the Law Department at NUI Maynooth.

Professor Gopalan and I met for the first time at a conference on women and the law, which I attended as a representative of Matheson’s Asset Management and Investment Funds Group. We had a lot to talk about as we discovered that we had both studied at Oxford University within a year of each other. Before long, the idea for the funds law course emerged in conversation.

The benefits to both students and industry were obvious. One of the factors that attracts investment funds to a particular jurisdiction is the quality of the service providers. Therefore, having skilled graduates actually contributes to the growth of the industry itself, and increases Ireland’s attractiveness to mobile foreign investment.

Almost all of the world’s major fund service providers have established a presence in Ireland. Ireland administers over 40% of the world’s alternative investment funds, and the value of assets under administration in this country has surpassed the €2 trillion mark.

It has been estimated that, on average, every fund administered in Ireland creates 1.5 jobs. Matheson acts for Irish domiciled funds with 28% Irish market share of assets under management.

Leading fund domicile

Given that Ireland continues to thrive as a leading international fund domicile, setting up this course represents Ireland’s first step in terms of having an academic hub for funds law development, research and analysis.

The innovative nature of this master’s degree module was a stimulating challenge for the class, as they did not have exposure to similar content before. Learning objectives included an understanding of the European Union architecture which underpins Irish funds regulation.

I was very impressed with the enthusiasm and dedication of the students, and I found them ambitious, hardworking and focused. I can say that one of my favourite parts of teaching the module were the lively class debates which took place, as I knew this meant that the students were engaging with the subject matter and that it had come alive for them.

My intention was not just to equip my students for their final examination, but also to give them a fundamental knowledge of this important area of financial services law as they set out on their careers.

To recognise course performance, Matheson offered the students prizes for outstanding work. The best overall student was awarded a six-month internship with the firm. At a recent prize-giving ceremony at our Dublin offices, it was great to hear so much positive feedback about the course and to see young people so enthusiastic about this area of law.

In recent years, Ireland has seen many talented graduates forced to emigrate to find work. In growth areas like asset management and investment funds, key partnerships between industry and academia can help give these graduates specialised skills that are in demand. This is the case in financial services, certainly, but similar opportunities may well exist in other fields such as technology, software, pharmaceuticals and manufacturing.

Attracting FDI

Ireland competes with countries all over the world for FDI. We know that a skilled workforce is a key factor for international companies considering locating in Ireland. Equipping graduates with such specialised skills could be a key factor in helping Ireland’s economic recovery gain momentum.
Funds law is an increasingly important and developing area of the law in Ireland, and it is significant that this has been recognised by NUI Maynooth through this collaboration.

Partnerships such as this between academia and industry are a vital investment for Ireland to grow its expertise into the future, to support our graduates’ employment prospects and to give them the knowledge and skills necessary to succeed.