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Ireland’s funds and asset management industry surpasses EUR4.3trn AuM

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Irish domiciled funds surpassed EUR4.3 trillion AuM (Assets under Management) at end-March 2024, a 15 per cent increase in net assets year-on-year. The Irish Funds Industry Association writes that the increase reflects continued growth across a range of fund types and strategies, including Ireland’s thriving ETF offering which currently stands at EUR1.24 trillion AuM, 70 per cent of the European market.

Ireland is home to 6 per cent of worldwide investment fund assets, making it the third largest centre in the world and the second largest in Europe, with the total number of Irish domiciled funds, including sub-funds, reaching a record 8,853 – of these 5461 (61 per cent) UCITS funds totalling EUR3,5 billion in net assets, and 3392 (38 per cent) AIF funds totalling EUR890 billion.

At its 25th Annual Global Funds Conference Inflection Point: Ireland and Innovation, held today in Dublin, policymakers, regulators and industry leaders highlighted innovation as a driving force in Ireland’s success, including the ongoing evolution of private markets, with the launch of European Long Term Investment Funds (ELTIFs) following recent changes by the Central Bank of Ireland, and the growth of Investment Limited Partnerships, now numbering more than 50, after the overhaul of the partnership regime in Ireland in 2021.

Additionally, Ireland has also emerged as a leader in sustainable finance, being home to 1,664 Article 8 funds with approximately EUR1.2 trillion AuM and 159 Article 9 funds with approximately EUR30 billion, emerging as a leader in ESG products in Europe.

Irish Funds Chief Executive Pat Lardner says: “The Irish funds and asset management industry’s continued growth highlights the expertise and stability of Ireland’s asset management landscape, buoyed by constant innovation. The growth in sustainable finance and establishment of the ELTIF framework are testament to this. Facilitating investment into the real economy to support climate transition, fund businesses and build the EU’s capital markets is a key priority. This requires us to innovate further to develop Ireland’s offering to enable investments in long term assets and projects which are aligned with both domestic and EU policy. Our people are our key strength, 19,0000 of whom are directly employed by the industry across the island. They provide the expertise and skills to deliver the solutions individual and institutional investors are looking for.  Additionally, the role the industry plays in underpinning the ability of individuals to achieve long-term financial well-being is critical. This is why Irish Funds expanded our Financial Literacy TY Programme for schools this academic year, engaging over 600 students across 10 counties. Irish Funds will continue to work with our wide-range of stakeholders to innovate and continue to grow the industry while supporting the Irish economy and the ability for people to build more secure futures.”

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