Press Release: Irish Funds Indecon Economic Assessment14 December 2021
Growing regional presence of funds and asset management industry supports economic growth and employment across Ireland
- Nearly 180 companies directly employ more than 17,000 people living in every county across Ireland.
- Local communities’ benefit from €14.8bn in economic output
- The funds and asset management industry supports over 34,000 jobs throughout Ireland
13 December 2021– Irish Fundstoday highlighted the industry’s continued growth in Ireland, its increasing regional presence and strong contribution to employment across the island of Ireland, with nearly half of Irish-based funds now having a presence outside of Dublin.
During the virtual Irish Funds Regional Economic Impact event, participants reflected on the 30th anniversary of Irish Funds and the findings of the latest Indecon Economic Assessment report, which revealed that the industry now represents 180 enterprises operating in every county in Ireland and directly employs more than 17,000 people, with an estimated total economic impact of €14.8bn.
In a video recording played during the event Minister of State at the Department of Finance, Séan Fleming said: “The international financial services sector is now a national industry, and I am grateful to the funds industry for the role they have played in growing the sector outside of Dublin. The latest impact study captures the contribution the sector makes to the Irish economy and the growing impact it is having in the regions. I understand the value of that regional operations represent to international investors, providing them with access to a skilled pool of experienced talent, a pipeline of graduates with exposure to the funds industry, and lower operating costs than in the capital. As part of our forthcoming action plan under Ireland for Finance we will be looking to build on the strong foundations that have developed in clusters across the country.”
Reflecting on the figures, Pat Lardner, Irish Funds CEO, said: The funds and asset management industry continues to play a pivotal role in showcasing what Ireland has to offer and delivering tangible economic benefits to local communities. Recent figures have highlighted the contribution of the funds industry to regional development with a 40 per cent increase in the number of employees based outside of Dublin in the last two years. As we emerge from the pandemic, Irish Funds will continue to support investment and drive sustainable growth across the island.”
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About Irish Funds
The Irish Funds Industry Association (Irish Funds) is the voice of the funds and asset management industry 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.
Irish Funds’ more than 150 members service or manage more than 14,000 funds with a net asset value of €5.7 trillion. Irish Funds is the voice of the funds & asset management industry in Ireland, ensuring Ireland is the premier location to enable and support global investing through its reputation for trust, capability and innovation.
Irish Funds’ released its Indecon Economic Impact Assessment Report 2021, an independent assessment of the economic impact of the investment funds and asset management industry on the Irish economy, in May this year at its Annual Global Funds Conference.
For further information about Irish Funds, please visit www.irishfunds.ie