Monetary Insight sees flourish in Irish fund industry
25 February 2020 London
Image: Shutterstock
New research from Monetary Insight, an independent fund research company, has revealed that fund assets serviced in Ireland grew by 6 percent reaching $3,903.4 billion at the end of June 2019 compared to $3,677.1 billion in 2018.
The 25th edition of the Monetary Insight Ireland Fund Report found that the total number of sub-funds in Ireland reached 9,249 (an increase from the 8,982 of the previous year).
Looking at Irish domiciled funds only, the number of funds and sub-funds has grown by 7.2 percent to 5,607 (from 5,229 in 2018), according to the report.
This reached a market size of $3,001.1 billion, which marks an increase of 5.4 percent of total fund assets.
The amount of new Irish schemes launched during the year rose to $27.3 billion with in excess of 200 sub-funds. Altogether, 859 Irish groups and sub-funds were launched during the year representing total assets of $117.8 billion.
Elsewhere, the report showed that State Street continues to be the largest player for administration, custody and transfer agency services increasing their assets for each role: assets under administration $1,313.4 billion, custody $1,186.3 billion and transfer agency $1,109.0 billion.
Tadhg Young, head of State Street Ireland, commented: “Our broad client mix, including some of the world’s largest and most successful asset managers, helps to inform our deep understanding of their needs, and allows us to fully support them as they grow their businesses in new markets, develop more complex products, and expand into a greater number of geographies.”
Meanwhile, BNY Mellon ranked the second-largest player in terms of administrators of serviced funds in Ireland with $510.4 billion total net assets, followed by Northern Trust ($509.3 billion), and J.P. Morgan ($345.1 billion.).
Among custodians of serviced funds, the ranking remained unchanged with State Street custodial services having the largest assets under custody ($1,186.3 billion), ahead of BNY Mellon SA/NV, Dublin Branch ($497.8 billion) and Northern Trust ($495.6 billion) in third place.
Monetary Insights’ report found that in the transfer agents ranking of serviced funds, State Street Fund Services secured first position with total net assets of ($1,109.0 billion) followed by Northern Trust ($510.9 billion) in second position and BNY Mellon ($389.6 billion) in third.
For serviced funds, PwC held the lead position in auditor’s rankings in both the number of funds and assets auditing a total of 2,440 funds with $1,300.3 billion in assets.
According to Monetary Insights, KPMG followed with 1,837 funds ($729.7 billion), while Deloitte jumped to third position with 1,452 funds ($716.7 billion).
Karine Pacary, managing director at Monterey Insight commented: “The latest Monterey Insight Ireland Fund Report illustrates the continued impressive growth of the Irish funds industry which has now, for the first time, passed the $3 trillion mark by domiciled market assets, a growth of 6.2 percent from the previous year.”
“A large proportion of this increase can be clearly identified with the continuing success of the ICAV structure. It records assets of $239 billion out of a total of 1,236 funds and sub-funds. From the 859 new sub-funds launched during the year, ICAVs represent a significant 45 percent and almost a third of the new inflow of assets.”
Elsewhere, Monetary Insight also recently revealed the 25th edition of Monterey Insight Jersey Fund Report, which found that fund assets serviced in Jersey has grown to $481.2 billion at the end of June 2019.
The 25th edition of the Monetary Insight Ireland Fund Report found that the total number of sub-funds in Ireland reached 9,249 (an increase from the 8,982 of the previous year).
Looking at Irish domiciled funds only, the number of funds and sub-funds has grown by 7.2 percent to 5,607 (from 5,229 in 2018), according to the report.
This reached a market size of $3,001.1 billion, which marks an increase of 5.4 percent of total fund assets.
The amount of new Irish schemes launched during the year rose to $27.3 billion with in excess of 200 sub-funds. Altogether, 859 Irish groups and sub-funds were launched during the year representing total assets of $117.8 billion.
Elsewhere, the report showed that State Street continues to be the largest player for administration, custody and transfer agency services increasing their assets for each role: assets under administration $1,313.4 billion, custody $1,186.3 billion and transfer agency $1,109.0 billion.
Tadhg Young, head of State Street Ireland, commented: “Our broad client mix, including some of the world’s largest and most successful asset managers, helps to inform our deep understanding of their needs, and allows us to fully support them as they grow their businesses in new markets, develop more complex products, and expand into a greater number of geographies.”
Meanwhile, BNY Mellon ranked the second-largest player in terms of administrators of serviced funds in Ireland with $510.4 billion total net assets, followed by Northern Trust ($509.3 billion), and J.P. Morgan ($345.1 billion.).
Among custodians of serviced funds, the ranking remained unchanged with State Street custodial services having the largest assets under custody ($1,186.3 billion), ahead of BNY Mellon SA/NV, Dublin Branch ($497.8 billion) and Northern Trust ($495.6 billion) in third place.
Monetary Insights’ report found that in the transfer agents ranking of serviced funds, State Street Fund Services secured first position with total net assets of ($1,109.0 billion) followed by Northern Trust ($510.9 billion) in second position and BNY Mellon ($389.6 billion) in third.
For serviced funds, PwC held the lead position in auditor’s rankings in both the number of funds and assets auditing a total of 2,440 funds with $1,300.3 billion in assets.
According to Monetary Insights, KPMG followed with 1,837 funds ($729.7 billion), while Deloitte jumped to third position with 1,452 funds ($716.7 billion).
Karine Pacary, managing director at Monterey Insight commented: “The latest Monterey Insight Ireland Fund Report illustrates the continued impressive growth of the Irish funds industry which has now, for the first time, passed the $3 trillion mark by domiciled market assets, a growth of 6.2 percent from the previous year.”
“A large proportion of this increase can be clearly identified with the continuing success of the ICAV structure. It records assets of $239 billion out of a total of 1,236 funds and sub-funds. From the 859 new sub-funds launched during the year, ICAVs represent a significant 45 percent and almost a third of the new inflow of assets.”
Elsewhere, Monetary Insight also recently revealed the 25th edition of Monterey Insight Jersey Fund Report, which found that fund assets serviced in Jersey has grown to $481.2 billion at the end of June 2019.
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