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Irish Funds Sector Nears 1 Trillion Dollars

by Amanda Banks, Tax-News.com, London

03 November 2005


Funds serviced in Ireland topped US$ 950 billion (785 billion euros) as at 30 June 2005, reflecting annual growth of over 23% (up from US$ 768.7 billion), Lipper Fitzrovia’s new Dublin Fund Encyclopaedia reveals.

Lipper Fitzrovia’s eleventh annual edition of this work shows that total net assets in Dublin-domiciled funds reached US$ 622.7 billion (up from US$ 503.3 billion the year before) in 2,334 funds and subfunds as at 30 June 2005. Dublin’s continued ability to attract non-domiciled funds for administration or custody services is reflected in the combined figure of US$ 950.1 billion in 4,498 funds (both domiciled and non-domiciled).

For fund servicing companies, Lipper Fitzrovia shows that State Street has maintained the largest market share both for fund assets under administration (US$ 141.2 billion) and under custody (US$ 139.6 billion). The joint venture between Allied Irish Banks and Bank of New York (AIB/BNY) ranks second and Bank of Ireland (BOISS) ranks third in both analyses.

Among Dublin’s professional firms, PricewaterhouseCoopers has maintained its lead across all funds audited as at 30 June 2005, with 1,566 funds serviced in Dublin. Among legal firms, Dillon Eustace remains the largest legal adviser of Dublin serviced funds, advising 792 funds, while A&L Goodbody advises the largest proportion by fund assets (US$ 180.0 billion).

Of 296 fund management companies with funds domiciled in Dublin, US fund management companies account for the largest proportion by total net assets (US$ 264.9 billion).

Four promoters of Dublin-domiciled funds have over US$ 25 billion in net assets. Barclays/BGI has assets under management of US$ 82.4bn, followed by Goldman Sachs (US$ 51.8bn), Russell Investment (US$ 32.7bn) and Deutsche Bank (US$ 25.1bn).

Brian McDermott, Head of Investment Funds at A&L Goodbody, commented: "We are delighted to have retained our position as the No 1 legal services provider in Ireland by continuing to represent more than a quarter of the total net assets of the funds serviced in Ireland. These results show how buoyant the industry continues to be. The enactment of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005 at the end of June and the new product opportunities which it offers, is a welcome development which we expect will facilitate increased growth in the sector."

Peter Mac Giolla Riogh, Head of Business Development, AIB/BNY, commented: '"We are pleased to see the continued growth of the Fund Administration business within Ireland. At AIB/BNY we have maintained our position as a leading service provider and our assets under administration have grown by 32% over the past 12 months. We continue to have a strong pipeline of new business over a wide range of fund products including Hedge funds, Funds of Funds, money market and multi manager funds.''

David Dillon of Legal Advisers Dillon Eustace, commented: "The figures this year are a continuing encouragement to the industry, but I feel we are at a watershed in terms of global and perhaps more particularly European regulation and we must devote our attention in Ireland to sensible proportionality lest we strangle the achievements to date. This is entirely consistent with recent pronouncements by Commissioner McCreevy."

Gary Palmer, chief executive of the Dublin Funds Industry Association (DFIA), commented: “The findings of the Lipper Fitzrovia Dublin Fund Encyclopaedia again highlight the strong growth in the Irish funds industry. A year ago, a trillion dollar industry was in our sight, it is now firmly in our reach as the total value of the fund’s industry in Ireland reaches $950.1 billion. Our continued objective going forward is to maintain and promote the attractiveness of Ireland as a jurisdiction for the global funds industry.”

Damien Hennelly, Business Development Manager, IDA Ireland, commented: "Dublin 's impressive growth continues, with the NAV of domiciled funds increasing by 23% and total funds serviced of almost US$1 Trillion. This significant vote of confidence in Dublin as a centre of excellence, demonstrates the attractive product structuring opportunities and enhanced servicing capabilities available to investment management groups in Ireland. Fitzrovia's Dublin Encyclopaedia provides valuable information on the industry in Ireland and the tremendous growth experienced in recent years."

Marie O'Connor, lead Financial Service partner with PricewaterhouseCoopers in Ireland, commented: "Ireland has been hugely successful it establishing itself as a global centre for administration of Irish domiciled and non domiciled assets. However of particular note is the growth of hedge funds where over 35% of the hedge funds assets in the world are now administered from Ireland, a great example of Ireland capitalising on the expertise developed here over the last 10 years. Fitzrovia is an important source of information for us, and our clients, for researching industry trends and market developments within Ireland. PwC is delighted to be working with so many of the top tier asset management organisations assisting them in developing their product offerings and expanding distribution channels."


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