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Irish funds industry enjoying unprecedented growth, says former Irish PM

Former Irish Prime Minister John Bruton, who now holds the position of president of IFSC Ireland, has told London asset managers that the Irish funds industry is enjoying unprecedented growth and is "the silver lining" in the Irish economy.

Speaking in London to some 300 fund managers Bruton highlighted the separation between the international funds industry and domestic economic issues, noting that with no impact or domestic exposure the international industry is benefiting from the reduced business costs and the positive effect is being witnessed in the industry’s record growth.

The former EU Ambassador to the US said the Irish funds industry is now at an all time high with some EUR1.8trn in assets under administration – up from EUR1.35trn on the same period 12 months ago and EUR1.4trn at the end of 2009.

Bruton said: “The Irish funds industry is the leading centre of its kind in the world. Irish authorised and regulated funds have been established by 388 promoters from 34 countries and distributed (sold) in 70 countries worldwide.

“Over the last 12 months international asset managers have launched Irish authorised funds in record numbers, a sign of the confidence in Irish regulated investment funds.”

A total of 852 promoters from 52 countries around the world have their funds administered (serviced) in Ireland. Research from Lipper shows that 70 new fund promoters from 14 countries have launched Irish authorised and regulated funds since last year with total assets in these funds of more than USD21bn.

Over the last 12 months there have been 747 new fund and sub fund launches in Ireland.

Referencing the Irish Government’s four year recovery plan, Bruton noted that competitive business tax rates have been an integral part of Irish economic policy for over 50 years and the 12.5 per cent rate of corporation tax is not negotiable.

“The fact that there is so much focus on Ireland at the moment gives us the ideal opportunity to promote and showcase the Irish funds industry which is the leading centre of its kind in the world,” said Bruton.

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