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Gary Palmer, Chief Executive of the Irish Funds Industry Association

Irish fund assets top the EUR1 trillion mark

Total assets in Irish-domiciled funds have exceeded EUR1trillion, an all-time high, reflecting what Gary Palmer (pictured), Chief Executive of the Irish Funds Industry Association (IFIA) said was the “excellence, innovation and reach the jurisdiction provides”. The latest figures released by the Central Bank of Ireland show that assets have, incredibly, grown 40 per cent to EUR1,008billion since the end of 2009 (EUR711billion). According to a report by EFAMA, Irish funds recorded the highest level of net inflows in Europe in the first six months of 2011: approximately EUR39billion. The report also noted that Ireland’s UCITS market share had increased to 13 per cent from 11.5 per cent at the beginning of 2011. And with hedge fund managers preparing for European regulation, it seems interest in Ireland’s Qualified Investor Fund (QIF) structure, which is AIFMD ready, is also picking up pace. Figures released by the Central Bank show that the number of QIFs has reached an all-time high of 1,355, amounting to EUR173billion (as of November 2011). QIF assets have apparently grown 20 per cent over the last 12 months. “Reaching and exceeding the EUR1trillion mark is a significant milestone,” said Palmer. Ken Owens, Chairperson of the IFIA, said: “This record success for Ireland in terms of both alternative investments and UCITS demonstrates that Ireland is the fund manager’s domicile of choice, providing solutions to all aspects of the fund industry.”

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