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Laxman Pai, Opalesque Asia: The value of fund assets under administration in Ireland has grown by over 200% since 2008, with the overall value of Irish-domiciled and non-domiciled funds reaching a combined value of €4.2tn by the end of 2018, said a report.
Growth has been faster amongst Irish-domiciled assets, which saw an average annual rate of increase of 14.1%, compared to 9.1% per annum for non-Irish domiciled funds.
According to Indecon's Economic Impact Assessment report launched by the Minister for Financial Services, Michael D'Arcy and Pat Lardner, CEO of Irish Funds, a total of €9.27bn in revenue was generated by the investment funds sector in Ireland in 2018.
Investment and asset managers made up the largest portion of this revenue, followed by administrators/depositaries, and fund management companies, it said.
As at the end of December 2018, there were 13,914 funds under administration in Ireland, the report said. These funds were either Domiciled Funds or Non-domiciled Funds.
The overall number of funds under administration has experienced a sustained upward trend since 2008, growing by 28.2% over this period.
The strengths of Ireland as a centre for establishing and servicing funds is also evidenced by the mix of funds: 7,290 (52.4%) of the funds under administration at the end of 2018 were Irishdomiciled, while 6,624 funds (47.6%) were non-domiciled.
The funds industry in Ireland contributes €837m annually in direct taxes to...................... To view our full article Click here
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