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Irish fund servicing industry reaches $1.2trn

IRELAND - Over $1.2trn (€955bn) in funds were serviced in Ireland as at 30 June 2006. The industry grew 28% over the last year, according to Lipper Fitzrovia's 12th annual Dublin Fund Encyclopedia.

"Ireland's continued ability to attract both domiciled UCITS funds and non-domiciled funds for administration or custody services is reflected in a combined figure of 5,090 funds serviced by the industry," commented Ed Moisson, director of European fiduciary operations at Lipper Fitzrovia. Last year the number of funds reported came to 4,498.

Of these, 2,607 of the funds and subfunds are Dublin-domiciled with total net assets of $806.6bn, up from $622.7bn last year.

As for fund servicing companies, State Street maintained the largest market share both for asset under administration ($178.2bn) and under custody ($189.1bn) with corresponding figures of $141.2bn and $139.6bn for last year. Second rank in assets under administration is taken by the joint venture between Allied Irish Banks and Bank of New York (AIB/BNY) with $143.4bn under administration. Second in the list of custodians is JPMorgan with $161.8bn under custody (detailed tables are given below).

PricewaterhouseCoopers remains the leading fund auditor with 1,725 funds serviced in Dublin. Dillon Eustace remains the largest legal adviser of Dublin serviced funds (851 funds advised). However, A&L Goodbody advises the largest proportion by fund assets ($231bn).

Of 321 fund management companies with funds domiciled in Dublin, US fund management companies account for the largest proportion by total net assets ($ 351.1bn).  Of the largest fund promoters, Barclays/BGI has assets under management of $107.5bn, followed by Goldman Sachs ($60.5bn), Russell Investment ($44.9bn) and Vanguard ($29.2bn). Compared to last year there are no changes in the top three of this ranking; the fourth place was held by Deutsche Bank.

Administrators
State Street International             $178.2 bn
AIB/BNY Fund Mgmt                     $143.4 bn
JP Morgan                                      $140.4 bn
Northern Trust Inv. Services        $82.7 bn
PFPC International                        $79.3 bn

Custodians
State Street Custodial Services      $189.1 bn
JP Morgan                                          $161.8 bn
AIB/BNY Trust Company                 $107.0 bn
Northern Trust Custod Services     $74.5 bn
Investors Bank & Trust                     $53.3 bn
PFPC Trustee & Custodial              $53.3 bn

Auditors
PricewaterhouseCoopers    1,725 funds
KPMG                                       1,176
Ernst & Young                        1,060
Deloitte & Touche                     289
RSM Robson Rhodes             124

Legal Advisers
Dillon Eustace                       851 funds
A&L Goodbody                      773
Matheson Ormsby Prentice 391
Arthur Cox                              382
William Fry                              327
McCann FitzGerald               259

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