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Assets in Irish alternative investment funds soar

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IRELAND – Assets in alternative investment funds domiciled in Dublin have increased to $10.8bn from $3.1bn one year ago, according to investment fund research company Fitzrovia International.

Fitzrovia highlights the attraction of Dublin as a centre for cash funds with fund assets rising by 60% to $117.3 bn from $73.2bn one year ago. Actively managed equity funds remain the largest asset class by number of funds (783), and assets in these funds have increased slightly to $71.6bn.

Meanwhile, total assets for funds domiciled in Dublin rose more than 35% to $289.9bn for the 12 months to 30 June 2002 from $213.6bn.

The largest fund promoter of all Dublin-domiciled funds was Goldman Sachs, increasing assets under management to $29.2bn, up from $17.2bn last year. Five companies had over $10bn assets under management, the others being Barclays Global Investors, $25.4bn, Deutsche Bank, $18.9bn, Mellon Financial, $10.8bn, and Merrill Lynch, $10.5bn.

The top administrators among service providers for all funds serviced in Dublin include AIB/BNY Fund Management with $69.1bn in net assets, Deutsche International with $59.3bn and Bank of Ireland with $46.7bn.

Top custodians were AIB/BNY Trust Co with $65.1bn, Bank of Ireland with $53.3bn and Deutsche with $44bn.

The data was published in London-based Fitzrovia’s annual Dublin Fund Encyclopaedia.

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