Opportunity the key theme in continuing UK and Irish cooperation in funds and asset management

• Ireland continues growth trajectory as almost 6.8 percent of worldwide investment fund assets, totalling €4.6trn.

• Ireland is the leading European domicile of choice for both ETFs and MMFs and sees a greater role in offering solutions for private market investments.

• Ireland’s Funds Sector 2030 Report demonstrates the commitment of Irish Government to adapt to the changing needs of investors.

London, UK – 21 November 2024 – On foot of the Irish government’s recently published Funds Sector 2030 Report over 600 attendees gathered at the 11th Irish Funds London Symposium, highlighting the close ties between the Irish and UK fund and asset management sectors. The Symposium discussed current hot topics in the industry and showcased how Ireland’s continually evolving ecosystem supports investors and managers.

In its recent Funds Sector 2030 Report, the Department of Finance Ireland outlined support for:

• Streamlining tax and regulatory frameworks

• Expanding private market investment opportunities

• Positioning Ireland as a global hub for sustainable finance

• Driving innovation through a National Fintech Hub

• Building on Ireland's leading position for ETFs, MMFs, and UCITS products, with recommendations on ETF portfolio transparency and naming conventions attributed to the Central Bank of Ireland (CBI).

Ireland is currently the third largest funds centre in the world with almost 6.8 percent of worldwide investment fund assets, totalling €4,578trn. As of August 2024, Irish domiciled funds, including sub-funds, reached 8,993, with Ireland being the leading European domicile of choice for both ETFs (representing 72 percent of the total European ETF market) and MMFs (representing 41 percent of the total European MMF market).

Speaking at the event, Patricia Dunne, Director of Securities and Markets Supervision at the Central Bank of Ireland noted: “We have seen a significant rise in the scale of private markets and investors growing appetite for alternative strategies” and that “we maintain an open and engaged dialogue with stakeholders in the funds sector as well as other international regulatory authorities and National Competent Authorities (NCAs).”

Pat Lardner, CEO of Irish Funds commented: “Ireland’s funds and asset management industry has been built over 35 years and is a substantial contributor to Ireland’s global reputation. We have done this by meeting the diverse needs of savers and investors from around the world. These needs are evolving and so are we. This will be achieved through action-oriented collaboration, demanding (and delivering) excellence and being proactive, agile and timely in evolving our ecosystem. With the help and support of all stakeholders we will make it happen.”