The Irish Funds Industry Association (IFIA), in partnership with IDA Ireland, the Irish Government's inward investment agency, has opened a representative office in São Paulo, Brazil.
The Irish Funds Industry Association (IFIA), in partnership with IDA Ireland, the Irish Government’s inward investment agency, has opened a representative office in São Paulo, Brazil.
“This brings to 11 the number of representative offices the Irish funds industry has opened in association with IDA,” explained Paul Daly, a member of the IFIA Council.
The IFIA now has representative offices in four locations in the US: New York, Atlanta, Boston and Chicago; in Asia: Sydney Shanghai, Singapore, Tokyo and Hong Kong with the Hong Kong Chamber of Commerce; in Europe in Frankfurt and London.
Kieran Donoghue, head of International Financial Services at IDA Ireland, said: “The funds industry is a crucial, internationally focused business which plays an increasingly important role in the Irish economy in terms of employment and contributions to the exchequer with more than 12,000 people directly employed.
The IFIA is currently increasing its global footprint and strengthening relationships with investment managers and regulatory bodies in key jurisdictions.
Chief executive Pat Lardner said: “We want to showcase the strength and substance that exists in Ireland as both a domicile and a service centre for international funds. We have a lot of work to do as an industry, but we are operating from a position where we have a depth and breadth of skill and expertise built over 20 years.”
Ireland has attracted almost half of all new Ucits monies during the first six months of the year – and the highest total amount for any domicile, the IFIA said.
Data from the European Fund and Asset Management Association (EFAMA) reveal Ireland secured 45% of the total European market for the first half of 2012 with growth across every asset class. It also passed significant milestones of €1trn in domiciled assets and €2trn in total assets under administration.
In 2011, Ireland attracted some €60bn in new Ucits monies. It is also now the top alternative investment centre in the world, administering more than 40% of assets.