IRELAND - The Irish fund services industry has grown by a "healthy" 7% over the last 12 months, according to Lipper's latest Ireland Fund Encyclopaedia.

Ed Moisson, head of cross-border research for Ireland and the UK, said: "With assets rising in equity and bond funds, for both actively managed and passive funds domiciled in Ireland, the fund servicing industry has enjoyed a healthy 7% rise over the past year."

Lipper's report found that funds serviced in the country reached $1.5trn (€1.2bn) in total net assets as at 30 June, a 7.2% increase from the $1.4bn recorded in 2009. 

Over the same period, the number of funds serviced increased from 6,098 to 6,116, while the number of companies domiciling funds in Ireland has also grown, from 358 in 2009 to 388 - a 31% increase over five years and a 63% rise over 10.
BNY Mellon maintained the largest market share for both assets under administration and assets under custody ($270.4bn), with State Street International coming in second in both categories.

In other news, Irish pension managed funds made further gains in October, returning 1.1% on average over the month, according to a survey by Rubicon Investment Consulting.

Aviva Investors, Kleinwort Benson Investors and Standard Life Investments shared the top spot, with each returning 1.4%.

Bank of Ireland Asset Management, Canada Life/Setanta and Friends First/F&C propped up the table, returning 0.7% over the period.

Rubicon said the average managed fund had returned 6.2% year to date, with returns ranging from a high of 9.9% (Standard Life Investments) to a low of 4.4% (Aviva Investors).

Over the last year, the average fund returned 12.5%.