Irish PM: “Domestic funds industry had gone from strength to strength”

Irish prime minister Enda Kenny has affirmed today that he and his Government would do all in their power to support and grow the funds industry.

Speaking at the Irish Funds Industry Association’s annual conference in Dublin, Kenny (pictured) said: “We want to be ahead of the wave and be innovative introducing new things before others have even thought of them.”

He added that the Irish funds industry had gone from strength to strength and passed a number of significant milestones in the past year.

“Most notably the Irish funds industry has surpassed €2tr in total assets under administration. Since I was last here, we have also achieved €1tr in Irish domiciled investment funds for the first time -which by any standards is a huge success,” he said during his speech.

Meanwhile, the Government was aware of regulatory developments in Europe, which pose both opportunities and challenges for the industry.

“The Government will continue to work closely with all stakeholders to ensure the best representation for Ireland in European negotiations. We are working diligently to enable timely and effective transposition and implementation of the various pieces of EU legislation, both fulfilling our responsibilities and seeking opportunities in the process,” he said.

Irish politicians remain committed to ensuring that the legal, regulatory and tax environment in which the funds industry operates is supportive of Ireland’s reputation in both the traditional and alternative segments.

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