Equity ETFs Power Double Digit Growth in the Irish Fund Market

Monterey Insight’s 31^st Ireland Fund Report reveals strong expansion, record ETF activity and shifting positions among key service providers.

Ireland’s fund industry delivered another year of robust performance, with total Irish‑domiciled and serviced fund assets rising 20.4% in USD and 10.0% in EUR by June 2025. The number of funds and sub‑funds serviced in Ireland increased by 2.5%.

Equity ETFs continued their strong momentum, reaching US$1,456.5bn in assets - a 36% rise across 1,086 funds and sub‑funds - securing their position as the largest product category for Irish‑domiciled funds. Money Market products retained second place at US$1,028.3bn, followed by traditional equity funds with US$822.6bn.

In the total market share of Irish‑domiciled and serviced funds, Equity ETFs secured the top position with US$1,460.8bn, while traditional equity funds moved up into second place with US$1,208.5bn. Alternative investments – primarily hedge funds – dropped to third place.

More than 740 new Irish funds and sub‑funds were launched during the period, totalling US$136.1bn, with overall new business inflows for Irish and serviced funds reaching US$226.3bn across just over 1,040 funds.

ETF products represented 29% of all new Irish launches, with over 200 new ETFs totalling US$38.9bn. Private debt led new launches across domiciled and serviced funds with US$43.3bn

As of 30 June 2025, Ireland recorded 189 Irish‑domiciled funds and sub‑funds classified under Article 9 (EU SFDR) with US$60.7bn in assets. Serviced funds counted 231 Article 9 sub‑funds totalling US$114.0bn, and a further 2,670 Article 8 products amounting to US$3,049.9bn; among newly launched serviced funds, 19 were classified as Article 9, representing US$12.2bn.

In the combined ranking of serviced funds by asset managers, BlackRock Financial Management maintained its lead in total net assets, Vanguard Group securing second place ahead of Goldman Sachs. Meanwhile State Street moved into fourth position, edging ahead of PIMCO.

For serviced funds, the top three positions for Management Company/AIFM remain consistent with the promoter/initiator ranking. Carne Global Fund Managers (Ireland) moves to fourth place, from fifth position last year.

For Irish-domiciled funds, BlackRock Asset Management Ireland and Vanguard Group (Ireland) retained the first and second positions, respectively. Carne Global Fund Managers (Ireland) secured third place once again, remaining ahead of PIMCO Global Advisors (Ireland).

State Street maintained its long-standing leadership across administration, custody, and transfer agency services for serviced funds. The firm has held the top position in administration services since 2013, while its lead in custody services extends even further, dating back to 2011.

BNY Mellon retained second place, followed by Northern Trust in third, with JP Morgan holding fourth position.

Terri Dempsey, Country Head, Ireland at State Street, commented:

 “The 2025 Monterey Insights findings underscore both the resilience and momentum of our industry, and the partnerships State Street has with our clients, underpinning our market leading position in fund administration, custody and transfer agency for well over a decade. Our teams continue to raise the bar through collaboration and investment in technology and innovation to support our clients in navigating the increasingly complex cross-border investment landscape.

Since we first established our presence in Ireland 30 years ago, State Street has been growing together with Ireland. As a well-recognised fund domicile, Ireland will take the presidency of the Council of the European Union in July to play a pivotal role in shaping the future of the EU financial services industry, we look forward to supporting Ireland in its work to develop a pragmatic growth-focused framework for the EU.” 

Among custodians of domiciled and serviced funds, State Street Custodial Services ranks first, ahead of The Bank of New York Mellon SA/NV, Dublin Branch and Northern Trust. Brown Brothers Harriman (BBH) created a surprise by rising to fourth place.

As transfer agents ranking of serviced funds, State Street Fund Services holds the first place, followed by Northern Trust in second position, BNY in third, ahead of JP Morgan in fourth.

The auditor rankings record a significant shift, with Deloitte taking the top position for serviced funds, ahead of PwC and KPMG.

Niamh Geraghty, Investment Management Leader, Deloitte Ireland, said:

“We are immensely proud to have achieved the number one audit firm position to the Irish funds industry for the first time, and we are grateful to the asset managers and investors who have placed their trust in us. This recognition speaks to the passion and expertise of our people.

At its core, this industry plays a vital role in supporting the financial futures of millions of people around the world and we are privileged to contribute to that through the work that we do.

As the global industry grows in scale and complexity, driven by expanding product innovation, heightened regulatory scrutiny, digital transformation and increasingly sophisticated investor demands, Ireland is well positioned to capitalise on that growth, underpinned by its deep talent pool, strong regulatory framework, its investor centric approach and its innovative culture.

At Deloitte, we are excited for the opportunities that lay ahead for the funds industry, and we will continue to invest in our people and our cutting-edge technology. We are committed to helping our clients navigate this evolving landscape with confidence and to support the continued strength and global reputation of Irelands funds sector.” 

PwC continued to lead auditors by number of domiciled funds with Deloitte close behind, moving up to second place and overtaking KPMG.

Mary Ruane, Leader, PwC Ireland Asset & Wealth Management, said: 

 “Ireland remains one of the most attractive fund domiciles globally, and we are proud that PwC continues to be the leading auditor to Irish‑domiciled funds. Ireland’s continued success as a leading fund domicile reflects a combination of regulatory credibility, EU market access and the ability to support increasingly complex, internationally distributed funds at scale, underpinned by a strong tax and structural ecosystem.  

PwC’s recent global Asset & Wealth Management report highlights that global assets under management are expected to rise to $200 trillion by 2030, driven by changing investor preferences and growing demand for private, digital and tokenised investment products. Despite this growth, asset managers are facing pressure on profitability as costs rise and competition intensifies, placing greater emphasis on efficiency, scale and where funds are structured and operated. Maintaining Ireland’s competitiveness will therefore require continued evolution of our regulatory and business environment to support innovation and growth across ETFs, private assets and next‑generation fund structures.”

Among legal firms advising Irish-domiciled funds, Dillon Eustace retains its leading position, followed by Matheson in second place and Maples Group ranked third. By market share measured by assets, Matheson continues to lead Irish-domiciled funds with US$1,614.6bn.

Etain de Valera, Head of Asset Management and Investment Funds in Dillon Eustace commented: “Dillon Eustace is proud to retain its position as the leading legal adviser to Irish‑domiciled funds amid strong industry growth. The rise of Equity ETFs, alongside continued momentum in private debt and sustainable finance, reinforces Ireland’s role as a global asset management hub.

The surge in new fund launches and sustained investor inflows highlights the resilience of the Irish market, and the strong confidence international managers place in Ireland as a domicile. We are proud to support our clients as they grow in this dynamic environment and remain committed to delivering the highest standards of legal and regulatory expertise."

Turning to serviced funds, for the 13th consecutive year Maples Group remains the largest legal adviser. Dillon Eustace follows closely in second place, with Matheson ranked third.

By market share measured by assets, Matheson leads serviced funds with US$1,639.3bn. William Fry maintains second place with US$1,342.0bn, ahead of Dillon Eustace.

Adam Donoghue, Co-Head of the Irish Funds & Investment Management Group at Maples and Calder, the Maples Group’s law firm commented on the results:

 "We are delighted that for the 13^th consecutive year, we continue to be Ireland's leading legal adviser by funds serviced in Ireland. As a result of acting on the greatest volume of new Irish funds for such a sustained period, we have a well-rounded exposure to cutting edge product trends and innovative fund structures in the industry. This experience, in addition to having the largest dedicated investment funds team of any Iaw firm in Ireland as well as a uniquely global footprint, enables us to support our clients in the most informed and effective way".

He added, "Looking at 2026, we see three core themes in the Irish funds industry. First, we expect continued momentum in private assets, with the Central Bank of Ireland's ambitious overhaul of its AIF Rulebook positioning Ireland for a surge in private asset strategies. Second, the trend of ETFs pursuing active strategies will continue to gain traction, consolidating Ireland's position as Europe's leading ETF hub for both passive and active mandates. Finally, fund tokenisation presents compelling opportunities, from fractionalisation and alternative distribution rails to enhanced settlement and operational transparency.”

Turning to sponsoring brokers of serviced funds, the top three rankings remain unchanged, with Maples Group retaining first position, followed by Matheson in second and Dillon Eustace in third place. This year also sees IQ-EQ regain fourth position, narrowly ahead of Arthur Cox Listing Services.

Karine Pacary, Managing Director at Monterey Insight commented: 

“We are pleased to present the latest results of the Irish Fund Industry in our 31st edition of the Monterey Irish Fund Report 2025.

With double-digit growth, the Irish fund market continues to stand out as a global hub for investment funds, driven by strong momentum in equity ETFs. Domiciled funds saw ETFs and Private Assets driving the largest gains, while for serviced funds, Private Assets surged ahead. With these trends, Ireland continues to attract global investors and reinforce its position as a centre for innovative fund structures and high-value investment strategies. 

The launch of our new platform will further enhance access to industry insights and data.”

For more information, please contact:

Karine Pacary, Managing Director, Monterey Insight

Tel. +44 (0)845 625 3863

Email: karine.pacary@montereyinsight.com

Notes to Editors

Monterey Insight is an independent fund research company that provides comprehensive statistical analysis of the Ireland, Luxembourg, Guernsey, Jersey and UK fund industries: the only complete reference of service providers for all funds serviced in these jurisdictions.

Source: Monterey Insight Ireland Fund Report 2025.