Ireland funds industry grows

Ireland’s funds industry expanded over the past year as total AUM neared €2trn.

Total assets under administration in Ireland grew to €1.88trn at the end of 2010, up from €1.4 trillion at the end of 2009, latest figures from the domicile’s central bank and funds industry association reveal.

A rise in hedge funds servicing on the island is thought to have boosted the funds industry as a whole, while other data published recently shows evidence of its growth.

Earlier in the month, it emerged the value of Irish-domiciled funds hit €964bn at the end of December 2010, an increase of almost a third on the previous year.

Meanwhile, non-Irish domiciled funds serviced in Ireland reached €914bn worth of assets, said Ireland’s central bank.

Ireland services assets in over 11,000 funds, while more than 850 fund promoters from 50 plus countries use Ireland as their international fund hub.

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