Mutual fund assets domiciled in Dublin continued to climb this year, spurred upward by a European market that is less saturated than that of the U.S. and seen as ripe with opportunity.

The assets rose by more than 20% through June 30th of this year, according to a study released by Fitzrovia International , a European research firm. The number of funds domiciled in Dublin also rose by 20% to a total of 1,671 products.

Luxembourg and, most recently, Dublin have been primary hubs for fund activity in Europe because both cities offer tax incentives and relatively loose regulatory policies. "Dublin has shown remarkable growth … particularly in the face of adverse market conditions," said Paul Moulton, who heads Fitzrovia.

Dublin’s largest fund promoter is Goldman Sachs , according to the research. The firm increased its assets from $12 billion to $17.2 billion this year alone. Five years ago, the firm was ranked 25th among funds domiciled in Dublin with only $500 million in assets there.

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