Net assets in Irish domiciled funds increased by €317 billion during 2014, it was announced yesterday. Speaking at Irish Funds’ Annual Global Conference in Dublin, Pat Lardner, Chief Executive of Irish Funds, told representatives of the global funds industry that Ireland’s assets of domiciled funds rose by almost 25% during 2014. Mr. Lardner also confirmed that in the first three months of 2015, assets have further grown by €234 billion, representing a rise of 14%. Net assets domiciled in Ireland now stand at nearly €2 trillion.
This year’s Conference was opened by recently appointed Chairman of the Association, Mr. Tadhg Young. Over thirty speakers and panelists addressed topics ranging from the EU’s plans for Capital Markets Union to Ireland’s vision for its International Financial Services Sector and our role in respect of Asia.
Speaking at the Conference, Pat Lardner, Irish Funds Chief Executive said:“These latest figures reflect a record period of growth and represent a significant milestone for the Irish Funds industry. By working closely with the Irish government, the Central Bank of Ireland and the wider funds community, we are together continuing to build one of the most competitive locations for the regulated funds industry in Europe and the world. We will continue to work on behalf of our members and advocate effectively in order to make our infrastructure as attractive as possible and increase the breadth of services and fund structures Ireland can offer the international funds industry. Ireland is well on course to be considered the number one choice for funds globally.”
Also speaking at the Conference, Minister of State at the Department of Finance, Simon Harris TD, added:“The considered and comprehensive programme of this year’s Conference is a credit to Pat and his team. The depth of expert speakers and range of topics is perfectly in keeping with the latest developments in the Funds’ Industry and wider global trends. Funds are and will continue to be a keystone of Ireland’s International Financial Services’ Sector. As Minister with responsibility for this area I will continue to engage with Industry to advance the objectives of the Irish Government’s IFS2020 Strategy.
A robust and resilient Funds’ industry is essential to hi-skill and hi-value employment growth. Government must be attuned and responsive to opportunities that ensure Ireland continues to be a leading international funds’ domicile. I welcome informed proposals that share this goal and look forward to working with Irish Funds and others on a range of projects to do just that.” Regarding Asia, Minister Harris continued, “My message to this conference is clear. We want Ireland to be Asia’s and of course China’s gateway to Europe for financial services investment.”
The year to date has seen a continued rise in assets in Ireland, including a 15% rise in UCITS and 12% rise in QIAIF funds. This brings total domiciled funds to a figure of €1.9 trillion, of which UCITS account for €1.5 trillion and QIAIFs €355 billion.
This follows on from a very strong 2014 during which all domiciled assets grew 24% over the course of 12 months, and a year in which Irish domiciled ETFs accounted for 50% for all European domiciled ETFs and 16% of all UCITS funds. The strength of Ireland in Europe has continued into 2015, as of the end of Q1 there has already been 64 new sub funds launched and €46 billion of inflows to funds.
Key statistics
Ireland hosts the largest hedge fund administration centre in the world, representing over 40% of all global hedge fund assets, and is the European domicile of choice for cross border fund distribution with over 30% of the European cross border market.
As at the end of March 2015:
- Value of investment funds domiciled or administered in Ireland: €3.8 trillion
- Value of investment funds domiciled in Ireland: €1.9 trillion
- Value of UCITS Funds domiciled in Ireland: €1.5 trillion
- Over 900 Fund Managers from 50 different countries use Ireland (440 managers have funds domiciled in Ireland)
- Total Funds Industry employment 13,000+
- Irish Funds has over 100 member companies
- 80+ Industry companies employ people across 12 counties
- Highest automation rates of any international funds centre in Europe