Irish Funds Sector Soars
Funds serviced in Ireland have surpassed the US$1.6 trillion mark after experiencing
growth of 35% in the year to the end of June 2007, according to Lipper's Ireland
Fund Encyclopaedia. Lipper's research shows that Ireland's fund servicing industry has posted its
largest asset growth in three years, with 5,646 funds now serviced by the industry
in Ireland. The report also shows that Ireland continues to grow as a fund domicile, with
the value of funds having reached US$1.1 trillion by the end of June 2007,
up from US$806 billion a year earlier. Lipper, part of the Reuters group, said that State Street retained the market
lead for fund assets under administration, at US$228.8 billion, ahead of BNY
Fund Services (US$205.7 billion) and JP Morgan (US$170.6 billion). State Street
also topped the list for assets under custody, at US$239.6 billion. Among Dublin's professional firms, A&L Goodbody offers legal advice to the
largest number of funds serviced in Ireland, with 930, ahead of Dillon Eustace
(900 funds), Matheson Ormsby Prentice (469), Arthur Cox (410), William Fry (369)
and McCann FitzGerald (263). PricewaterhouseCoopers maintained its lead across all funds audited at the
end of June, with 1,931 funds serviced in Ireland. KPMG ranked second, with
1,237 funds, followed by Ernst & Young (979). Of 342 fund management companies with funds domiciled in Dublin, US fund management
companies accounted for the largest proportion with total net assets. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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