The Irish Funds Industry Association (Irish Funds) is the representative body for the international investment fund community in Ireland.
Founded in 1991, Irish Funds represents fund managers, depositaries, administrators, transfer agents, professional advisory firms and other specialist firms involved in the international fund services industry in Ireland.
Members come from all areas of the international funds industry and Irish Funds is well-placed to support and complement the continued development of the industry. Irish Funds vigorously pursues the goals of enhancing and promoting Ireland as the location of choice for the domiciling and administration of investment funds.
Through its representation and participation on government and industry committees / working groups, Irish Funds has contributed to and helped shape the development of Ireland's regulatory and legislative framework and has proven that industry and authority can work in partnership together without compromising the essential integrity of their differing mandates.
Through the development of policy and guidance papers in complex areas such as compliance, valuation, accounting, share dealing and registration, Irish Funds defines market practice. The collaboration across our member companies ensures that a wide range of industry perspectives and insights are represented in the formulation of these policy and guidance papers.
Funds Industry Milestones
The development of the funds industry in Ireland has been marked by a number of key events during the past 25+ years.
|1989||Introduction of the UCITS Directive to Ireland and the launch of the first Irish UCITS fund|
|1990||Ireland is the first European jurisdiction to offer a regulated alternative investment fund product, the Irish Qualifying Investor Fund|
Irish Funds Industry Association is founded, then called the Dublin Funds Industry Association (DFIA)
First Money Market Fund (MMF) launches in Ireland
Collective Investor Schemes introduced by The Finance Act 1995
ISE becomes independent, forming The Irish Stock Exchange Limited
Launch of the first European Exchange Traded Fund (ETF)
|2003||The Common Contractual Fund (CCF), an Irish tax transparent structure, is established|
Dublin Funds Industry Association (DFIA) renames to the Irish Funds Industry Association (IFIA)
QIFs can now be authorised by the Financial Regulator within 24 hours of receipt of completed documentation
|2008||Memorandum of Understanding signed by the Irish and Chinese Regulators|
|2009||Ireland’s combined assets under administration reach €1 trillion|
Ireland is amongst the first group of EU member states to implement the UCITS IV Directive
Irish domiciled investment funds reach €1 trillion
|2012||Irish funds industry surpasses €2 trillion in total assets under administration|
Ireland ranked as best place in the world to do business by Forbes Magazine, on factors such as innovation, taxes, technology, freedom, red tape and investor protection
Ireland is the first EU Member state to open AIFMD application process
Ireland has the highest rating in the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes
The Irish Funds Industry Association and the Asset Management Association of China (AMAC) sign a MoU in Beijing to promote even closer co-operation
€1.2 trillion of UCITS assets located in Ireland
Ireland provides home for first China A-Shares ETF in Europe under RQFII
Ireland becomes first offshore fund domicile to sign an intergovernmental agreement (IGA) with the US to facilitate compliance with FATCA requirements
Enactment of the Irish Collective Asset-management Vehicle (ICAV) Legislation
IFIA (Irish Funds Industry Association) rebrands as ‘Irish Funds’
Central Bank Permits investment in Chinese shares via Stock Connect
Total assets under administration reach €3.8 trillion
Assets under administration for ICAV funds reach €14.5 billion
Net assets domiciled in Ireland reach €1.9 trillion
Irish Funds Celebrates 25th Year Anniversary
Access to Stock Connect extended to include Shenzhen
Ireland granted RMB 50 billion RQFII quota
Irish funds industry surpasses €4 trillion in assets under administration
Net assets domiciled in Ireland surpasses €2 trillion
Record level of net sales at €298 billion for Irish domiciled funds
|2018||Over 16,000 funds professionals employed in Ireland
Net assets domiciled in Ireland surpasses €2.5 trillion
|2019||The Indecon Assessment on the Economic Impact of the Funds Industry on the Irish Economy reports:
The Irish funds industry makes a €14 billion contribution to economic output nationally which is dispersed in communities across Ireland
Almost 33,000 total employment impact across the country
The funds industry contributes €837 million annually in direct taxes to the exchequer