Fitzrovia’s quarterly research into this sector of the Irish funds industry shows a 14.2% increase in assets to 218.8 billion euros (US$ 264.9 billion), compared with 191.5 billion euros (US$ 248.9 billion) at the end of March.

“The strong growth recorded in the first six months is a welcome trend and highlights Dublin's continued attractiveness as a location of choice for the domiciling and servicing of funds. We must ensure the second half of the year continues to record strong growth by remaining competitive and innovative in the international funds industry,” comments Deirdre Norris, Director - Marketing and Communications, of the Dublin Funds Industry Association (DFIA).

The quarterly percentage growth of 14.2% (in euro terms) is the largest since the first quarter of 2002, and compares with an average quarterly growth of 8.6% since the research was started in the last quarter of 1999.

Interestingly, while growth over the latest quarter in US dollar terms is lower (6.4%), annual growth in both euro and dollar terms is just over 22% (total net assets were 178.7 billion euros, or US$ 216.5 billion, as at 30 June 2004).

Among the leading promoters of cash funds in Dublin at the end of June, Barclays Global Investors (BGI) had US$ 38.5 billion in total net assets under management (a quarterly increase of 4.3%), Goldman Sachs had US$ 37.4 billion (up 6.3%), Scottish Widows Investment Partnership (SWIP) had US$ 17.9 billion (up 1.4%), Citibank had US$ 15.3 billion (up 2.9%), and HSBC had US$ 12.2 billion (up 3.4%).

As at 30 June 2004, cash funds accounted for 43% of all Dublin-domiciled collective fund assets, and thus are a key factor in the health of the Irish funds industry.