Irish funds servicing industry reaches €2trn in assets

Assets serviced by the Irish funds industry have reached €2trn, an all-time high. Irish prime minister Enda Kenny has welcomed the news as “a reminder of the value of economic stability”.

Figures from the Central Bank of Ireland show net inflows of €31.1bn into Irish Ucits, making more than a third of the total European inflows for the first quarter of 2012. The Irish funds industry has grown every year over 23 years except in 2008. Ireland is the number one hedge fund servicing centre in the world, and the fastest growing retail (Ucits) funds centre, having increased up some 500% in the past 11 years.

The passing of the €2trn milestone for assets under administration was announced by Fearghal Woods, senior vice president of Global Fund Services, Northern Trust, at the association’s AGM on May 25, as when he formally took up the position of chairperson.

Woods said: “Ireland is growing in stature on the world stage every year and has developed a reputation for the high quality of its services to the international market.

“In 2011, Ireland stood out and was clearly the number one location of choice in Europe for asset managers. The figures from EFAMA show that Ireland experienced the highest net inflows of Ucits of all fund domiciles in 2011 attracting some €62bn almost €50bn more than the next most successful domicile. Ireland attracted nearly twice as much as all the other jurisdictions put together during the year and experienced growth of 8%.”

Responding to the news, the prime minister said: “Passing the €2trn milestone of assets now serviced by the Irish funds industry is a testament to the IFSC, as it continues to grow and provide jobs in Ireland. Last year, I launched the Strategy for the International Financial Services Industry, which set an objective to increase the number of jobs in the IFSC by 10,000 by 2016.

“The continuing success of the Irish funds industry and the IFSC is a reminder of the value of economic stability in attracting new investment and jobs. Surpassing today’s milestone of €2tr of assets serviced in Ireland again highlights the value of Ireland remaining at the heart of Europe which continues to draw commercial operations and investment into the country.”

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