Total net assets invested in cash funds domiciled in Dublin have topped Euros 200 billion for the first time, as at 30 June 2005, says the latest research from Fitzrovia.
Fitzrovia’s quarterly research into this sector of the Irish funds industry shows a 14.2% increase in assets to Euros 218.8 billion (US$ 264.9 billion), compared with Euros 191.5 billion (US$ 248.9 billion) at the end of March.
“The strong growth recorded in the first six months is a welcome trend and highlights Dublin’s continued attractiveness as a location of choice for the domiciling and servicing of funds,” says Deirdre Norris, Director – Marketing and Communications, of the Dublin Funds Industry Association (DFIA). “We must ensure the second half of the year continues to record strong growth by remaining competitive and innovative in the international funds industry.”
The quarterly percentage growth of 14.2% (in euro terms) is the largest since the first quarter of 2002, and compares with an average quarterly growth of 8.6% since the research was started in the last quarter of 1999.
Interestingly, while growth over the latest quarter in US dollar terms is lower (6.4%), annual growth in both euro and dollar terms is just over 22% (total net assets were Euros 178.7 billion, or US$ 216.5 billion, as at 30 June 2004).
Among the leading promoters of cash funds in Dublin at the end of June, Barclays Global Investors (BGI) had US$ 38.5 billion in total net assets under management (a quarterly increase of 4.3%), Goldman Sachs had US$ 37.4 billion (up 6.3%), Scottish Widows Investment Partnership (SWIP) had US$ 17.9 billion (up 1.4%), Citibank had US$ 15.3 billion (up 2.9%), and HSBC had US$ 12.2 billion (up 3.4%).
As at 30 June 2004, cash funds accounted for 43% of all Dublin-domiciled collective fund assets.
Fitzrovia’s next annual “Dublin Fund Encyclopaedia”, with market share data for all funds serviced in Dublin as at 30 June 2005, will be published in October.