In Guernsey, funds of funds accounted for most of the increase, with assets growing 45% to $7.7 billion from $5.3 billion, out of a total $50bn, while in Jersey assets under administration grew by US$11.4 billion to US$91 billion.

Total assets of funds serviced in Dublin reached US$ 429.6 billion as at 30 June 2002, up from US$ 345.2 billion twelve months ago. "The continuing growth of the funds industry is making an important contribution to the wider Irish economy as we estimate annual fee revenues of around US$ 450 million for fund administrators and over US$ 190 million for custodians," comments Paul Moulton, Chief Executive of Fitzrovia.

Fitzrovia shows that the joint venture between Allied Irish Banks and Bank of New York (AIB/BNY) has maintained its position as the largest company for fund assets serviced in Dublin, both under administration, US$ 69.1 billion, and under custody, US$ 65.1 billion.

Among Dublin's professional firms, PricewaterhouseCoopers has maintained its lead across all funds audited as at 30 June, with 1,183 funds serviced in Dublin. Similarly, Dillon Eustace remains the largest legal adviser of Dublin serviced funds, advising 671 funds.

Assets in alternative investment funds have increased nearly 3½ times to US$ 10.8 billion (from US$ 3.1 billion twelve months ago). The attraction of Dublin as a centre for cash funds is also highlighted in the analysis, with fund assets rising by 60% to US$ 117.3 billion (from US$ 73.2 billion last year). Actively managed equity funds remain the largest asset class by number of funds (783), while assets in these funds have increased slightly to US$ 71.6 billion.

Gary Palmer, Chief Executive of the Dublin Funds Industry Association (DFIA), commented: "In what has generally been accepted as a challenging year the International Funds Industry in Ireland has again posted very strong positive growth. In addition to recording 35% growth in the NAV of Irish domiciled funds, the comprehensive information provided by the Fitzrovia Dublin Encyclopaedia highlights the increasing attractiveness of Dublin as an International Fund jurisdiction, evidenced by a 21% increase in the number of active Irish domiciled funds, an increase of 14% in the non-domiciled funds administered in Ireland and significant additional numbers of fund managers choosing Dublin to domicile their funds."

The Dublin Fund Encyclopaedia is available from Fitzrovia International plc at £1,549.