Irish funds industry surpasses $500bn – report

IRELAND - The Irish funds industry grew by more than 30% in domiciled net assets over the last year to more than 500 billion dollars (410 billion euros), according to Fitzrovia International’s Dublin Fund Encyclopaedia.

The news comes as it was announced that Fitzrovia has been acquired by Reuters’ Lipper subsidiary for an undisclosed sum.

Fitzrovia’s tenth annual edition of this work shows that total net assets in Dublin-domiciled funds reached 503.3 billion dollars (up from 375.4 billion dollars the year before) in 2,208 funds and subfunds as at June 30.

Total net assets - including non-domiciled funds under custody or administration - reached 634.5 billion euros.

Fitzrovia added that State Street now has the largest market share both for fund assets under administration (127.6 billion dollars) and under custody (117.5 billion dollars).

The joint venture between Allied Irish Banks and Bank of New York (AIB/BNY) ranks second, while Bank of Ireland (BOISS) ranks third in both analyses.

PricewaterhouseCoopers has maintained its lead across all funds audited as at 30 June 2004, with 1,468 funds serviced in Dublin. Dillon Eustace remains the largest legal adviser of Dublin serviced funds, advising 761 funds.

Of 280 fund management companies from 32 countries with funds domiciled in Dublin, US fund management companies account for the largest proportion by total net assets (US$ 207.4 billion).

The largest fund promoter of all Dublin-domiciled funds is Barclays/BGI, increasing assets under management to 63.0 billion dollars, with Deutsche Bank/DWS and Russell Investment also both having more than 20 billion dollars in assets under management.

Reuters said its Lipper arm has bought London-based Fitzrovia International Plc. “Through the combined operations of the two businesses, Lipper will provide clients with a truly global fund expense and data service in its software, datafeed and consulting products,” Lipper said.

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