BNY Mellon largest administrator for Irish funds, Monterey reports
BNY Mellon is the largest administrator by total net assets ($400.7bn) for fund administration services across Ireland’s domiciled and non-domiciled funds, followed by State Street International ($356.2bn) and JP Morgan ($239.6bn), according to findings of independent fund research company Monterey Insight.
JP Morgan secured the largest proportion of new administration business introduced over the past year ($7.3bn) followed by Northern Trust ($7.2bn).
Fund assets serviced in Ireland rose by 2.3% to reach $1,926.5bn at the end of June 2012, up from US$1,882.2 last year, Monterey found.
Irish domiciled funds represented $1,444.4bn up from $1,396.1bn compared to June 2011. The total number of subfunds was 6,715, of which 3,673 are domiciled in Ireland.
PricewaterhouseCoopers maintained its lead for Irish serviced funds, auditing 2,425 funds ahead of KPMG and Ernst & Young. Among legal advisers, Dillon Eustace offers legal advice to 968 funds, followed closely in second place by Maples & Calder.
Among fund management companies, the largest fund promoter of Irish domiciled schemes is BlackRock ($260.2bn), followed by PIMCO ($113bn), and Goldman Sachs ($90.2bn).
Money market funds account for 37.7% of assets domiciled in Ireland with $544.7bn, while bond products are up by 13.8% (to $247.5bn), equity funds fell by 10% (to $235.4bn).
“Despite the wider market volatility, the international demand for funds serviced in Ireland has meant that the industry continues to see healthy growth. It has been a pleasure to work with the local industry for the eighteenth year to deliver high quality research that helps those involved to grow their businesses,” said Karine Pacary, managing director of Monterey Insight.