The net asset value of Irish domiciled funds rose by nearly one third year-on-year, to reach an all time high of €963 billion at the end of 2010 according to the Irish Fund Industry Association (IFIA).

The association cites Central Bank of Ireland statistics showing a 29 per cent increase (from €748 billion at the end of 2009) in the value of Irish domiciled funds, which follows Bloomberg data showing that six of the top 10 European fund launches in the past month have taken place from Ireland with assets totalling $3 billion at launch.

The IFIA also points to recently published figures from Hedge Fund Research (HFR) showing that the proportion of the world’s hedge funds domiciled in Ireland doubled to 7.4 per cent from the end of 2009 to the end of the third quarter of 2010.

Gary Palmer, IFIA CEO, said the results emphasise the product solutions, operating efficiencies and distribution opportunities available to the international industry from Ireland, “delivered by the industry's excellence, innovation and reach.”

“As the leading Alternative Investment Funds centre, the Irish regulatory regime 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 and the industry in Ireland now supports more than 40 per cent of all global hedge fund assets which are administered in Ireland.”

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