Net sales of Irish-domiciled funds reached a record high of €298 billion last year, according to data from the Central Bank of Ireland.
The record sales were more than twice the level of 2016 and accounted for more than 30% of net sales of all European funds in 2017.
Last year’s sales contributed to an increase in assets in Ireland-domiciled funds to a new high of €2.4 trillion, up 16% from the previous year.
This compares with €4.16 trillion in assets domiciled in Luxembourg, Europe’s largest fund domicile, which enjoyed net sales of €308 billion in 2017.
Irish Funds, the national association for the asset management industry, said that 5% of worldwide investment fund assets are now domiciled in Ireland, making the country the second largest funds domicile in Europe.
The association also claims that, over the past five years, Ireland has become the fastest growing of the five largest fund domiciles in Europe, ahead of Luxembourg, France, Germany and the UK.
Recent data from the European Fund and Asset Management Association (Efama) shows that Ireland-domiciled funds accounted for 58% of all European exchange-traded fund (ETF) assets and more than 87% of all ETF net sales in Europe in 2017, making Ireland the leading domicile for ETFs outside of the US.
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