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, BNY Mellon is the largest administrator by total net assets (US$400.7bn), while State Street International (US$356.2bn) and JP Morgan (US$239.6bn) are ranked second and third.
JP Morgan secured the largest proportion of new administration business introduced over the past year (US$7.3bn in assets) followed closely by Northern Trust (US$7.2bn).
Fund assets serviced in Ireland rose by 2.3% to reach US$1,926.5bn at the end of June 2012 (up from US$1,882.2 last year). Irish domiciled funds represented US$1,444.4bn up from US$1,396.1bn compared to June 2011. The total number of subfunds reached 6,715 (from 6,412 the previous year) of which 3,673 are domiciled in Ireland.
Among custodians, the positions are reversed, with State Street Custodial Services having the largest proportion of assets under custody (US$367.5bn), ahead of BNY Mellon Trust Company (US$339.7bn) and JP Morgan (US$ 249.8bn).
PricewaterhouseCoopers maintained its lead for Irish serviced funds, auditing 2,425 funds ahead of KPMG and Ernst & Young. Among legal advisers, Dillon Eustace offers legal advice to 968 funds, followed closely in second place by Maples & Calder.
Among fund management companies, the largest fund promoter of Irish domiciled schemes is BlackRock (US$260.2bn), followed by PIMCO (US$113bn), and in third position Goldman Sachs (US$90.2bn).
Money market funds account for 37.7% of assets domiciled in Ireland with US$544.7bn, while bond products are up by 13.8% (to US$247.5bn), equity funds fell by 10% (to US$235.4bn).
“Despite the wider market volatility, the international demand for funds serviced in Ireland has meant that the industry continues to see healthy growth. It has been a pleasure to work with the local industry for the eighteenth year to deliver high quality research that helps those involved to grow their businesses,” comments Karine Pacary, Managing Director of Monterey Insight.
According to Andrew Bates, Head of Financial Services at Dillon Eustace, "the newly released Monterey figures are clear evidence of Ireland’s continuing attractiveness to international financial services groups as one of the leading global fund centres. Significant new growth in fund numbers and assets under administration for both domiciled and non-domiciled funds during 2012 augurs well for Ireland’s future success leading the vanguard in seizing the significant new opportunities offered by AIFMD, as well as addressing the challenges it poses.”