The investment fund industry in Ireland saw assets grow by almost 30% over the course of the year.
The Lipper 17th Annual Ireland Fund Encyclopaedia revealed strong growth in the number of funds, level of assets and the number of promoters choosing to domicile their funds in Ireland.
The 431 new promoters represents an 11% increase compared with 2010, while funds serviced in Ireland grew their assets by 28.9% as of June 30, up from $1.5 billion (£1 billion) in 2010 reaching $1.9 billion: the highest level in total net assets since 2008.
The number of domiciled funds grew by 5% to 6,412 while the number of companies choosing to domicile funds in Ireland has grown by 70% since 2001 standing at 431.
Ed Moisson, the head of UK & cross-border research for Lipper, says: “While money market funds remain the largest asset class domiciled in Ireland, this year’s industry growth has also been strongly supported by equity and bond products.
“Additionally, non-domiciled funds serviced in Ireland have grown for the first time in three years, underlining the recovery that the industry has enjoyed.”
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