The Irish fund industry grew by 65 percent over the past year, according to a London-based research and consulting company.
Mutual funds based in Dublin, Ireland reached over $100 billion (U.S) in assets as of June 30, up from $65 billion as of the same date a year ago, according to Fitzrovia International Ltd., the research and consulting company. The 65 percent growth this year is the biggest leap that the Irish fund industry has taken over the past five years.
"The larger a fund domicile in terms of net fund assets, the harder it is to achieve higher annual percentage growth - yet the Dublin success story is doing just that. The significance of the $100 billion mark cannot be underestimated," said Paul Moulton, chief executive of Fitzrovia, in a statement.
There are now 1,400 funds that are based in Dublin, a 34 percent rise over last year, according to Fitzrovia. As of June 30, 1995, there were only 544 funds with $21 billion in assets in Ireland.