Irish Fund Industry Keeps Growing, Says Fitzrovia

by Philip Morton, Investors Offshore.com

15 October 2003

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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