According to the latest research from Fitzrovia
International's Dublin Fund Encyclopaedia, total assets domiciled in the
Irish city rose by more than 20 per cent last year to June 30 2001 to
reach US$213.6 billion and the actual number of domiciled funds also increased
by 20 per cent to reach 1,671.
'Dublin has shown remarkable growth once
again, particularly in the face of adverse market conditions,' said Paul
Moulton, chief executive of Fitzrovia International.
Just five years ago Goldman Sachs was ranked
25th on the list of Dublin-domiciled promoters with assets at $500 million,
but now Fitzrovia reports that the investment firm is currently the largest
fund promoter with assets increasing under management from $12.0 billion
to $17.2 billion over the year.
In terms of service providers, Allied Irish
Banks (AIB) can now answer to the title of largest company for fund assets,
both under administration and under custody, serviced in Dublin. As for
administration services, the joint venture between AIB and the Bank of
New York (BNY) services fund assets worth $54.6 billion and as a custodian,
AIB services $41.3 billion of fund assets.
Chief Manager of the AIB/BNY venture, Denis
Murphy, responded: 'We are delighted with out continuing healthy growth
and our leadership position in Ireland as providers of fund administration
and trustee services to offshore funds. We have a strong pipeline of new
business.'
According to Fitzrovia, the research illustrates
a huge growth across the asset classes with cash fund assets growing by
49 per cent over the year from $49.2 billion to $73.2 billion and assets
in bond funds increasing by 22 per cent. Assets in equity funds have remained
virtually unchanged and the number of equity funds domiciled in Dublin
has grown by 23 per cent.
Furthermore, Fitzrovia found that Dublin-domiciled
alternative investment funds have taken a more significant proportion
of assets over the past year with assets in funds increasing from $2.2
billion (in 56 funds) as at June 30, 2000, to $3.5 billion (in 79 funds)
a year later.
Deputy Head of IFS at the Central Bank of
Ireland, George Treacy, commented: 'Through 2001 the Central Bank has
never been busier in processing fund applications. While UCITS remain
the largest vehicle by assets under management, we have seen an increase
in the number of funds with alternative investment strategies.'
