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Funds industry continues rapid growth

FINANCE

Published 14/12/2011 | 05:00

IRELAND's funds industry continued its breakneck growth last year, with the value of funds serviced here jumping some 26pc as close to 300 extra funds pitched up.

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New data from Lipper Ireland shows funds holding some $1,882bn (€1,444bn) were administered out of Ireland at the end of June 2011, up about $400bn on the previous year's tally.

The growth in the value of Ireland's serviced funds here came as the number of individual funds serviced from Ireland grew from 6,116 to 6,412.

Ireland is home to one of the world's biggest funds administration hubs. The sector has continued to thrive despite the crisis, though the value of funds fell sharply as markets collapsed.

The latest Lipper Ireland data shows BNY Mellon remained the biggest name in funds administration, with net assets of $404.2bn under its care, while State Street International came in second with $355.3bn.

Players

State Street has the upper hand for custodian work though, with $365.6bn of funds.

Other major players include JP Morgan ($220.5bn serviced, $238bn custodian) and Northern Trust ($216.2bn serviced, $204.8bn custodian).

The report also ranks the professional-services firms that deal with the funds industry.

PricewaterhouseCoopers is the dominant auditing firm, with 2,215 funds on its books, followed by KPMG (1,312), Ernst & Young (1,015) and Deloitte & Touche (723).

Dillon Eustace has the lead for legal advice, with 927, followed by Maples and Calder (858), Matheson Ormsby Prentice (624) and A&L Goodbody (528).

Irish Independent

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