)
“It is testament to Ireland’s strength as a leading funds jurisdiction that the industry grew so significantly last year against a backdrop of global economic and political uncertainty,” said association Chief Executive Michael D’Arcy. “It is also clear that helping fuel this growth is the increasing attraction of ETFs, which have surged.”
Michael explained that this growth benefits all the people in Ireland, providing tens of thousands of jobs across the country—from Cork to Kilkenny and from Galway to Dublin—and emphasizes how the funds industry is a sector of national importance.
This article in The Irish Times highlights how the Irish funds industry grew by nearly 8 percent in 2023, from $5.1 trillion (€4.7 trillion) to $5.7 trillion—based on the combined value of funds domiciled in Ireland and foreign-domiciled funds administered in Ireland.
This continues the upward growth trend, which saw the value of funds domiciled in Ireland at the end of June 2023 up by nearly 9 percent to more than $4 trillion, an increase on the previous year’s figure of $3.7 trillion in 2022.
Michael added: “At the Irish Association of Investment Managers, we have first-hand experience of the growth of front-office assets being managed from Ireland, and in recent years we have doubled our membership.”
In recent years, assets managed from Ireland have increased by almost 60 percent—fueled in part by Irish-based managers winning new mandates and in part by the expanding presence of leading international firms in Ireland such as Amundi, BlackRock, State Street Global Advisors and Mediolanum International - Ireland. Also, since the UK decided to leave the single market following the Brexit vote, investment asset managers have been gravitating to Ireland to access the EU.
“This is not surprising, as access to European markets is of primary importance to those establishing under European Union rules and regulations,” said Michael.
He added: “I would also like to acknowledge that much of the jurisdiction’s success is due to the open discussion with regulators and policymakers and the work our elected representatives do in promoting Ireland abroad.
“I look forward to working with our members in the coming year to ensure Ireland remains at the forefront of innovation and continues to be an attractive place to do business.”