The net asset value of Irish-domiciled funds reached an all-time high of 963 billion at year-end 2010 up nearly a third, from 748 billion, at the end of 2009.
The 29% increase in the value of Irish-domiciled funds, according to the latest report from the Central Bank of Ireland, follows data from Bloomberg that showed that six of the top 10 European fund launches in the past month have taken place from Ireland with assets totaling $3 billion at launch.
The news will be a relief to those with a stake in the Irish funds industry, following an 85 billion bailout in November in the wake of a banking crisis in the country. But it is not a surprise, given the finding in December that Ireland had outpaced the British Virgin Islands and Bermuda as fund domiciles. More than 7% of the worlds funds are domiciled the country, and 63% of European funds.
These results emphasize the product solutions, operating efficiencies and distribution opportunities available to the international industry from Ireland delivered by the industry’s excellence, innovation and reach, says Gary Palmer, CEO of the Irish Funds Industry Association.