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Ireland: Five Facts about Funds

6th Oct 2022
With the approval of its fund administration licence by the Central Bank of Ireland (CBI), JTC in Ireland is now able to provide comprehensive fund solutions tailored to clients’ requirements covering Alternative Investment Fund Manager (AIFM), fund administration, and depositary services from its offices in Dublin and Enniscorthy.

Graham Kennedy, CEO – JTC Fund Solutions (Ireland) Limited, looks into some of the extraordinary numbers behind Ireland’s funds industry:

 

  • 50,000 professionals

The International Financial Services Centre in Ireland was set up in 1987 and employs over 17,000 directly and 33,000 indirectly. Fund administration/depositary firms account for almost 55% of all direct employees with investment/asset management and/or fund management companies accounting for over 20%.

Overall growth has been substantial year on year with close to 20% asset growth in 2021. Brexit has also accelerated the growth of the industry as firms relocate to Ireland, to ensure UK managers continued to have access to the European markets.

 

  • €4.1 trillion

The net assets in Irish-domiciled funds, making it the third largest global centre and second largest in Europe. This figure is up nearly 24% on the previous year and continues to be a trend that we have seen in Ireland over recent years.

 

  • 54 countries

The Irish funds industry is host to over 1,000 fund managers from 54 countries. Looking at the figures more closely, you can see that the UK understandably has the most (383 managers) with the US in second place (303).

Ireland has traditionally been seen as a favourite destination for American fund managers looking to distribute into the EU given historic links to major financial centres in the US, English as an official language, and membership to the European Union.

 

  • 24%

The percentage of “alternative” Irish-domiciled funds broken down by asset class, and second only to equity funds (32%). Ireland is well equipped to service alternative funds with the infrastructure and the experience from an accounting, systems and regulatory perspective to provide reassurance to institutional investors.

From an alternative investment fund management (AIFM) perspective, Ireland is attractive for funds wanting to market their product into Europe. JTC provides AIFM services through Ballybunion Capital Limited, a JTC Group company, which has been operating since 2009.

 

  • 12.5%

 

At 12.5%, Ireland has the lowest headline corporate tax rate as well as a 15% rate for businesses with turnover above €750m. Ireland’s tax regime is renowned as highly efficient, clear and certain. The legislation-based framework is open, transparent and fully compliant with OECD guidelines and EU law.

 

In addition, Irish regulated funds are exempt from Irish tax on income and gains derived from their investments and are not subject to any Irish tax on their net asset value.

 

 

Together, JTC’s agile Ireland teams are now able to offer clients a comprehensive range of fund and corporate services solutions, with high levels of customisation, no outsourcing or functionalisation of any core services.

For more information on Ireland and its fund industry, please get in touch with John Collins, Senior Director – Fund Services, Graham (fund admin), Orla Philippon (AIFM) and Padhraic McLaughlin (depositary) or you can visit the dedicated page here.

You can also find out more about the funds industry in Ireland from through Irish Funds.

 

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