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Irish fund industry approaches USD2trn in assets, says Lipper

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Traditional and alternative funds serviced in Ireland reached USD1,934.9bn (EUR1,228.7bn) at the end of June, reflecting annual growth of 18.5 per cent from USD1,633.3bn in mid-2007, accor

Traditional and alternative funds serviced in Ireland reached USD1,934.9bn (EUR1,228.7bn) at the end of June, reflecting annual growth of 18.5 per cent from USD1,633.3bn in mid-2007, according to research from Thomson Reuters fund data subsidiary Lipper.

The latest Ireland Fund Encyclopaedia, the 14th in a series launched in the early 1990s by Fitzrovia International, acquired by Lipper in 2004, says total net assets in 3,125 Ireland-domiciled funds and sub-funds reached USD1,240.8bn at the end of June, up 12.8 per cent from USD1,100.1bn a year earlier.

‘Ireland’s fund industry continues to grow, albeit at a slower rate,’ says Lipper’s director of European fiduciary operations Ed Moisson. ‘The industry’s success in servicing non-domiciled funds, as well as money-market products, has served it well of late and should continue to do so in current circumstances.’

Among fund servicing companies, BNY Mellon had the largest share of fund assets under administration with USD335.3bn, just ahead of State Street International with USD331.7bn. JP Morgan was third with USD195.3bn, followed by Northern Trust with USD159.5bn and Citi with USD127.2bn.

The top two positions were reversed for assets under custody, with State Street International leading with USD313.6bn and BNY Mellon second with USD307.6bn, with both firms exceeding USD300m for the first time for both administration and custody assets. JPMorgan and Northern Trust were also ranked third and fourth for custody with USD216.2bn and USD132.5bn respectively, while PNC International was fifth with USD87.3bn.

Among Dublin’s professional services firms, A&L Goodbody offers legal advice to the largest number of funds serviced in Ireland, with 1,049 funds, ahead of Dillon Eustace with 985 funds, Matheson Ormsby Prentice (503), Arthur Cox (464), William Fry (397) and McCann FitzGerald (277).

PricewaterhouseCoopers maintained its lead for the number of funds audited in Ireland with 1,990 funds, followed by KPMG (1,404), Ernst & Young (1,014), Deloitte & Touche (451) and Grant Thornton (165).

Of 353 fund management companies with funds domiciled in Dublin, US fund management companies accounted for the largest proportion by total net assets with USD531.6bn. Barclays/BGI was the largest fund promoter with USD163.9bn in assets under management, followed by Goldman Sachs (USD99.9bn), HSBC (USD56.3bn), BNY Mellon (USD48.5bn) and Russell Investments (USD45.7bn).

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