19% of Growth for the Irish Funds Industry
New findings from Monterey Insight, the independent fund research company, reveal the market shares of all service providers in Ireland’s funds industry.
For fund administration services across both domiciled and non-domiciled funds, State Street Fund Services remain in first position and is the largest administrator by total net assets (US$541.1bn), with BNY Mellon (US$426.5bn) ranked second. In third position is Northern Trust (US$345.9bn) who are closely followed by JP Morgan (US$321.6bn).
In total there was over double the amount of new Irish schemes added by fund management companies in 2014 (US$32.5bn) than on the previous year (US$15.8bn). The two largest newly launched domiciled schemes were US$6.3bl and US$4.6bn, whereas the largest new scheme in 2013 was only US$1.5bn.
Over 640 new Irish domiciled funds and sub funds were launched in the last year with assets in excess of US$105.3bn.
Fund assets serviced in Ireland rose by 19% to reach US$2,565.4bn at the end of June 2014 (up from US$2,155.9 last year). Irish domiciled funds breached the US$2 trillion mark for the first time, (US$2,013.4bn), growing by in excess of 22% from June 2013 (US$1,641.7bn). The total number of sub-funds reached 7,057 (a slight increase on the 7,008 of the previous year) of which 4,048 are domiciled in Ireland.
Among custodians, as last year, State Street Custodial Services have the largest quantity of assets under custody (US$552.4bn), ahead of BNY Mellon Trust Company (US$364.9bn) and Northern Trust (US$ 346.9bn).
PricewaterhouseCoopers maintained its lead for funds serviced in Ireland, auditing 2,446 funds ahead of KPMG and EY.
Among legal advisers, Maples and Calder maintained its first position for funds serviced in Ireland providing legal advice to 1,099 funds, closely followed in second place by Dillon Eustace (1,044 funds). However for Irish domiciled funds, these positions were reversed with Dillon Eustace (939 funds) taking top spot ahead of Maples and Calder (749 funds).
Among fund management companies, the largest fund promoter of Irish domiciled schemes is BlackRock (US$389.6bn), followed by PIMCO (US$143.8bn), and in third position Goldman Sachs (US$93.1bn).
Money market funds increased in 2014 to US$590.6bn (compared to US$531.0bn in 2013), accounting for 29.3% of assets domiciled in Ireland. Equity funds rose by a third on the previous year (to US$374.3bn) whilst bond products rose slightly year on year (at US$386.0bn)
Karine Pacary, Managing Director at Monterey Insight commented “Our 20th edition of the Monterey Ireland Fund Report has highlighted how 2014 proves to be an excellent year of growth for Ireland. It is pleasing to see such numbers: Irish domiciled funds breached the US$2 trillion mark for the first time.
Ireland managed to attract over 80 new Asset Managers to establish their funds there and over 110 new domiciled umbrellas were launched during the year representing US$32.5 billion.
All the figures prove that Ireland continues to be a main player in the fund industry.”