Irish Fund Industry Keeps Growing, Says Fitzrovia
In a statement released on Monday to coincide with the publication of its ninth
annual Dublin Fund Encyclopedia, Fitzrovia International revealed that the funds
industry in Ireland's offshore centre continues to increase in size. Fitzrovia announced that in the year to June 30, 2003, the Irish funds industry's
net assets grew by almost 30%, reaching US$375.4 billion in 2,334 funds. This,
the firm revealed, is up from a total six years ago of just US$68.5 billion. Putting these figures into an international context, Fitzrovia revealed that: "All Dublin-domiciled funds (i.e. legally established there) now exceed
those of UK-domiciled funds, both in terms of assets and number of funds."
The statement went on to add that: "As a cross-border fund servicing centre, Dublin accounts for around 38%
of all fund assets serviced in Luxembourg and Dublin; six years ago this figure
was 15%." Fitzrovia additionally announced that of Dublin's professional firms, PricewaterhouseCoopers
had maintained its fund audit lead in the year to June 30, and revealed that
the largest promoter of Dublin-domiciled funds is Barclays/BGI, which increased
assets under management to US$41.9 billion, up from US$25.4 billion last year. .
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