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Ireland fund values reach a record high

The net asset value of funds domiciled in Ireland increased by 29 per cent to reach a record high of £963bn at the end of last year.

The news follows the latest report issued by the Central Bank of Ireland which reveals that of the top 10 European fund launches in the past month, six took place in Ireland.

At launch, these funds had assets totalling £1.9bn.

Hedge fund database Hedge Fund Research recently indic- ated that Ireland is becoming the domicile of choice for hedge funds. The proportion of the world’s hedge funds domiciled in Ireland doubled to 7.4 per cent by the end of the third quarter last year. Ireland is now home to 63 per cent of all European hedge funds.

Irish Funds Industry Association chief executive Gary Palmer says: “The Irish regulatory reg-ime already includes many of the requirements which are being suggested at a European level. All Irish funds, for example, are already required to have a trustee/depositary and are administered and valued by entities already authorised and supervised by the Central Bank of Ireland.

“The industry in Ireland has probably the broadest experience of dealing with the widest range of fund structures at all stages of their development, including structuring, administering and auditing.”

Martin Currie head of product development Toby Hogbin says: “The Irish acted quickly to introduce legislation which was supportive of hedge funds in fear of the alternative investment fund managers directive and this has been reflected by the growth in their market.

“The Irish have to make sure that this momentum into their market is maintained as we see the rise of other domiciles, mainly Luxemburg, which are also looking to build in this space.”

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