Assets under management in Irish-domiciled funds hit a record €2.1 trillion last year, driven by a record level of net sales of €139 billion.
Data released by the Central Bank of Ireland also showed the levels of assets in non-domiciled funds administered in Ireland reached a €2 trillion milestone, bringing the total value of assets under administration to €4.1 trillion.
According to Irish Funds, the country’s industry association, the figures represented growth for asset managers using Ireland as a fund hub, and growth for the industry in general.
In the five years between 2011 and 2016, the net assets held in Irish-domiciled funds doubled. Larger numbers of funds locating in Ireland helped drive the increase.
Irish Funds said the growth was also linked to enhanced access to Chinese investors with the award of a 50 billion renminbi (€6.9 billion) quota under China’s renminbi qualified foreign institutional investor – or ‘RQFII’ – scheme and the access of Hong Kong Shenzhen Stock Connect to Irish-domiciled funds.
Irish Funds said the Irish asset servicing industry now services more than 40% of hedge funds globally and over 50% of all European ETFs.
“These latest figures represent another significant milestone for the Irish funds industry and the managers we serve,” said Pat Larner, chief executive officer of Irish Funds.
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