Irish funds industry enjoys recovery
Ireland’s funds industry has seen growth this year across most sectors, including equity, bonds and money markets, according to Lipper.
Market shares for all fund companies and service providers in Ireland are revealed in Lipper’s 17th annual analysis of the Irish funds industry. Lipper’s Ireland Fund Encyclopaedia provides a comprehensive analysis of service providers for all funds serviced in Ireland, including both domiciled and non-domiciled funds.
Funds serviced in Ireland reached $1,882bn (€1,298.2bn) in total net assets as at 30 June 2011. This represents an increase of 28.9%, up from $1,460bn in 2010 and its highest level since 2008.
The number of funds serviced in Ireland rose to 6,412, up from 6,116 last year. Of these, 3,404 are domiciled in Ireland and 3,008 are domiciled in other jurisdictions.
BNY Mellon remains the market leader in fund servicing, maintaining the largest market share for fund assets under administration ($404.2bn), ahead of State Street International with $355.3bn and JP Morgan in third place with $220bn. However, this year the positions are reversed for assets under custody, with State Street in first place.
Among Dublin’s professional firms, Dillon Eustace offers legal advice to the largest number of funds serviced in Ireland, with 927 funds, ahead of Maples and Calder with 858. PricewaterhouseCoopers continues its lead across all funds audited as at 30 June 2011, with 2,215 funds serviced in Ireland, with KPMG in second place with 1,312.
Among the largest fund promoters, BlackRock has extended its lead with assets under management of $243.7 billion, followed by Pimco ($90.5bn) and Goldman Sachs ($80.8bn).
The number of companies domiciling funds in Ireland has grown to 431 fund promoters, up from 388 in 2009. This represents a 70% rise since 2001.
Ed Moisson, head of UKI & Cross-border Research, Lipper, said: “While money market funds remain the largest asset class domiciled in Ireland, this year’s industry growth has also been strongly supported by equity and bond products. Additionally, non-domiciled funds serviced in Ireland have grown for the first time in three years, underlining the recovery that the industry has enjoyed.”