An umbrella is one legal entity with several sub-funds, each a sleeve of assets and liabilities. Investors hold the sub-fund, not the umbrella. The constitution, the board, the depositary, the administrator, and the auditor are shared. A new sleeve is a supplement, not a new company.
Think of an umbrella as one building with separate locked rooms. The same landlord, security desk, accountant, and maintenance team serve the building, but each room holds a different set of assets for a different group of investors.
Atlantic Horizon UCITS ICAV is that building. Equity Income is one locked room. Holders of Equity Income own that sleeve’s shares. They do not own a claim on a sister money-market sleeve, and they do not own Atlantic Horizon Cayman Fund. Thames Industrial plc and Nippon Industrials KK sit in the Equity Income room, safekept by State Street, priced by the Dublin administrator. A second strategy on the same ICAV is a Central Bank supplement and a dealing code, not a second depositary search. That is why the umbrella is the most popular Irish structure.
Segregation is the legal point. Under the Investment Funds, Companies and Miscellaneous Provisions Act 2005, a liability of one Irish sub-fund is discharged only from that sub-fund’s assets. Before 2005, contagion was a real risk: a blown sleeve could, in principle, reach across the umbrella. If a later long-short sleeve on the ICAV blew up, Equity Income’s industrials would still be Equity Income’s. The Cayman fund is outside that statute: it is a different vehicle, not a sub-fund of the ICAV, and Irish segregation does not wrap it.
The shared administrator still cannot outsource final NAV release or the shareholder register on the Irish UCITS. Dublin publishes a price per sub-fund and keeps a register per sub-fund. Sharing the people is not sharing the books.