Written by: Rachel Turner | Head of Offshore for Asset Servicing, BNY Mellon
New figures published by Irish Funds, the umbrella group for the country’s investment management industry, confirm that the value of Irish domiciled funds rose by 25 per cent – EUR 317bn – in the year to December 2014 to nearly €1.8 trillion on the back of record annual inflows.
That strong growth has continued into 2015, with further inflows totalling €234 billion in the first quarter of the year (a 14% rise) bringing value of funds domiciled here to nearly €2 trillion.
These latest figures underline the enduring status Ireland enjoys as a centre of excellence and a key domicile for the global investment management industry.
This sustained level of growth, and the attractiveness of this market as a funds destination, is testament to the Irish authorities’ success in navigating, and adapting to, the many regulatory changes we have seen in recent years.
The deep knowledge and experience the Irish funds industry has built up over a number of decades, and the pool of talent that managers and administrators can tap locally, will continue to be critical as the industry moves towards the key UCITS V compliance deadline in March of next year.