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Ireland's assets under administration experiences strong growth
Feb 24, 2011 by Martin Leonard
Total assets under administration (AUA) in Ireland are fast approaching the €2 trillion mark with the Irish funds industry holding 43% of the world’s hedge fund assets.
Figures from the Central Bank of Ireland and the Irish Funds Industry Association (IFIA) revealed that AUA in Ireland hit an all time high of €1.88 trillion at the end of 2010 – up from €1.4 trillion in 2009.
The Central Bank also reported the value of Irish-domiciled investment funds hit €964 billion in December 2010 – up 29% from €748 billion in 2009. Approximately €914 billion of assets held in non-Irish domiciled funds are serviced in Ireland.
Chief executive of the IFIA Gary Palmer said the figures were testament to Ireland’s quality service offering. The Irish fund administration industry employs more than 11,000 professions.
Despite this, the Irish economy does remain a cause for concern. Standard & Poor’s cut its rating on Ireland’s long-term debt from A to A- at the beginning of February. Ireland’s rating is now on par with that of Botswana and Portugal. Fitch and Moody’s also cut the country’s credit rating to BBB+ and Baa1 respectively following its €85 billion IMF-EU bailout in December 2010.
