Value of funds reaches €785bn

THE value of funds administered in Ireland surged 23% to €785 billion this year, according to a major report published yesterday.

British research firm Lipper Fitzrovia said there were over 2,300 funds and sub-funds domiciled in Dublin at the end of June, with total net assets at $622bn (€518bn), up from $503bn the previous year. But this figure leaped to 4,500 when non-domiciled funds that are managed in Dublin were included.

The firm said American fund administration heavyweight State Street had the biggest market share for assets under administration, with $140bn. The joint venture between AIB and Bank of New York was next in line at $119bn, while Bank of Ireland Securities Services ranked third at $91bn.

American fund management companies accounted for the biggest slice of the market of Irish-domiciled funds, with over $260bn in net assets. Four promoters - Barclays, Goldman Sachs, Russell Investment and Deutsche Bank - had more than $25bn in net assets. Barclays topped the list with $82bn under management.

Lipper Fitzrovia also said PricewaterhouseCoopers (PwC) was the top accounting firm for auditing funds under management here. PwC audited over 1,500 of the funds serviced here, ahead of KPMG with 1,048 and Ernst & Young with 976.

Dillion Eustace was named the top law firm for advising Dublin-serviced funds, with 792 funds among its clients. A&L Goodbody was ranked in second place with 573 and Arthur Cox came third with 377, according to Lipper Fitzrovia.