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Irish fund servicing industry assets rise by seven per cent

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Funds serviced in Ireland reached USD1,460.3bn (EUR1,192.2bn) in total net assets at 30 June 2010, up 7.2 per cent from USD1,361.7bn in 2009, according to analysis by Lipper.



The number of funds serviced pushed up slightly to 6,116 from 6,098 last year.

The number of companies domiciling funds in Ireland has grown to 388, up from 358 in 2009. This represents a 31 per cent rise over five years and a 63 per cent rise over ten years.

BNY Mellon has maintained the largest market share for fund assets under administration (USD270.4bn) with State Street International ranked second. These same positions are held for assets under custody, with JPMorgan similarly in third position.

In the hot contest among Dublin’s professional firms, Dillon Eustace offers legal advice to the largest proportion of funds serviced in Ireland, with 923 funds, ahead of Maples & Calder. PricewaterhouseCoopers continues its lead across all funds audited as at 30 June 2010, with 1,951 funds serviced in Ireland. 

Among the largest fund promoters, BlackRock’s acquisition of Barclays’ asset management business has propelled it into first place with assets under management of USD187.4bn, followed by Goldman Sachs (USD70.3bn). The appetite for bond funds means that Pimco now ranks third (USD48.8bn), just ahead of HSBC (USD48.6bn).

Ed Moisson, head of UKI and cross-border research, Lipper, says: “With assets rising in equity and bond funds, for both actively managed and passive funds domiciled in Ireland, the fund servicing industry has enjoyed a healthy seven per cent rise over the past year.”

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