Irish funds, the representative body of the Irish fund industry, has announced Irish funds achieved a new net sales record of €298bn in 2017.
The figure, the highest net sales ever of Irish domiciled funds, is up more than double compared to the previous record achieved in 2016, and represents over 30% of net sales of all European funds.
Irish-domiciled funds net sales keep on a good path, amounting to €54bn in the first quarter of 2018.
The Irish investment fund industry had €2.4trn of assets under management as at the end of 2017, representing growth of 16% in 2017.
Given the strong performance of Irish domiciled funds, coupled with €2.3trn of non-domiciled funds administered in Ireland, the total value of assets under administration in Ireland now stands at €4.7trn.
Data from the European Fund and Asset Management Association (EFAMA) confirmed Irish domiciled funds accounted for 58% of all European ETF assets and more than 87% of all ETF net sales in Europe in 2017, making the country the leading domicile for ETFs outside of the US.
Today, Ireland is the domicile for 5% of worldwide investment fund assets, making it second largest centre in Europe and the fastest growing of the 5 largest fund domiciles in Europe over the last 5 years.
Paschal Donohoe, TD, Minister for Finance & Public Expenditure and reform, said: “The funds industry has been a successful and significant element of the Irish financial services landscape for many years. This success has been underpinned by changes in the legislative landscape that have made Ireland an attractive domicile for promoters in Hong Kong and Asia, across Europe, the U.S. and beyond. Alongside a regulatory regime providing a robust and consistent approach to the supervision that promotes confidence in Ireland as a location for investment funds.”
Irish domiciled funds are sold to investors from more than 90 countries across Europe, the Americas, Asia and the Pacific, the Middle East and Africa. Over 900 fund promoters from more than 50 countries have funds domiciled in Ireland.