The Irish funds industry has grown more than 30% in the last year, with assets for the first time exceeding $500 billion (EUR410 million), according to Fitzrovia International's new Dublin Fund Encyclopaedia.
Fitzrovia's tenth annual edition of the publication has revealed dramatic growth in the Irish funds sector over the last ten years: as at 30 June 2004, net assets in Dublin-domiciled funds reached $503.3 billion in 2,208 funds and subfunds, up from $375.4 billion the year before, while net assets on June 30 1995 stood at a relatively lowly $21 billion in 544 funds and subfunds.
When all funds serviced in Dublin are included, total net assets reached $768.7 billion, according to Fitzrovia.
Among the fund servicing companies, the Encyclopaedia shows that State Street now has the largest market share both for fund assets under administration ($127.6 billion) and under custody ($117.5 billion), while the joint venture between Allied Irish Banks and Bank of New York ranks second, and Bank of Ireland ranks third in both categories.
PricewaterhouseCoopers has maintained its lead across all funds audited as at 30 June 2004, with 1,468 funds serviced in Dublin. Dillon Eustace remains the largest legal adviser of Dublin-serviced funds, advising 761 funds.
With $207.4 billion in assets, companies from the United States account for the largest proportion of the 280 fund management companies from 32 countries with funds domiciled in Dublin.
The largest fund promoter of all Dublin-domiciled funds is Barclays/BGI, increasing assets under management to $63.0bn, while Goldman Sachs ($40.0bn), Deutsche Bank/DWS ($25.6bn) and Russell Investment ($24.0bn) also figure prominently.
"This has been a momentous year for the international funds industry in Ireland,” observed Gary Palmer, Chief Executive of the Dublin Funds Industry Association.
“Fitzrovia's Dublin Encyclopaedia highlights Dublin's continued attractiveness as a leading international centre for fund administration and domiciliation,” he added, noting that the industry in Ireland now employs over 7,500 people.
Meanwhile, Michael Deasy, Head of Financial Institutions & Funds Authorisation, Irish Financial Services Regulatory Authority, considers 2004 “a very interesting year” in respect of new fund applications, with the expansion of asset classes available to UCITS schemes and an increase in new innovative and more complex fund structures.
Sources: OCRA Worldwide
