Irish Funds welcomes upcoming sector review as opportunity to modernise and simplify
Thursday, 18 May 2023
● Irish Funds welcomes the forthcoming Fund Sector 2030 review announced by the Irish Minister of Finance, Michael McGrath
● Ireland is the third largest funds and asset management centre in the world and the 2nd largest in Europe.
● The total number of Irish domiciled funds, including sub-funds, reached a record 8,689 with approx. €3.7 trillion AuM.
● The Irish funds sector directly employs some 17,000 people across 180 companies all across Ireland.
Irish Funds is today holding its 24th Annual Global Funds Conference in Dublin, attended by more than 450 industry professionals from 13 countries.
Under the conference theme, Trust, Capability and Innovation, policy makers, regulators and industry leaders highlighted the opportunities and challenges facing investors and how the industry can best serve their evolving needs. These include regulatory change, the changing geopolitical and economic environment, ESG, leadership and how technology is shaping the industry from an innovation and information security perspective.
Ireland is home to 6% of worldwide investment fund assets, and 19% of European fund assets, making it the third largest centre in the world and the 2nd largest in Europe. The total number of Irish domiciled funds, including sub-funds, reached a record 8,689 at the start of 2023 with approx. €3.7 trillion in assets under management. Nationally, the funds sector employs some 17,000 people across 180 companies.
Eoin FitzGerald, Chair of Irish Funds opened the conference stating: “The role of our industry in helping society meet its challenges has never been more important and we are a key partner in finding and delivering solutions to these, working with policy makers and regulators. By focusing relentlessly on our reputation for trust, having a full suite of the capabilities which investors need, the talent to deliver them, and constantly challenging ourselves to look for better ways of delivering we can build with confidence to 2030 and beyond.”
In her keynote address, Jennifer Carroll MacNeill, Minister of State at the Department of Finance, speaking about the upcoming funds sector review, highlighted the government’s focus on “ensuring the sector is resilient and supports economic activity at the regional and local level.”
Irish Funds Chief Executive Pat Lardner said: ‘"The Irish funds and asset management industry is evolving. Our members are working to build on past successes by prioritising trust, capability, and innovation - fundamental pillars in delivering for investors and fostering Ireland's growth and that of its strategically important funds and asset management industry. This is why we welcome “Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’, announced recently by the Minister for Finance. It is an opportunity to modernise and simplify, will advance the interests of investors and support our vision of Ireland as the premier location which enables and supports global investing through its reputation for trust, capability and innovation.”