Assets in Ireland-based investment funds “bounced back” between March and May to €3 trillion, according to latest available sales figures from the trade body Irish Funds.
This is still 3% lower than at the start of the year, but assets increased 1.4% between April and May, while year-to-date sales at the end of May were €46.4 billion – much of that in May itself when net sales were €42 billion.
Pat Lardner, chief executive of Irish Funds, said investment managers had quickly adapted to the new environment resulting from Covid-19 with limited operational disruption.
Further industry figures from Irish Funds show that 56 investment firms, mainly alternative asset managers, entered or expanded their presence in the Irish market since January and, overall, the 564 investment managers with Irish investment funds established 323 new investment funds during that same period.
Lardner said Brexit had “continued bringing to Ireland companies [that] need to be able to sell products and services within the EU after the UK’s exit”.
In May, net sales of Ucits were of €32.8 billion (€16.8 billion for money market funds and €14.1 billion for bond funds). Alternative investment funds net sales were €9.3 billion.
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