Irish Funds Member Update

Irish Funds Member Update - Autumn 2020

Read about our most recent new members, our mission, vision and values, how the industry has been coping with Covid-19 and our upcoming online annual conference.

New Member Welcome

A warm welcome to our most recent new members Fineco and CSC. Our association represents more than 145 member companies from across the funds and asset management industry and we appreciate your continuing support.

Our Mission, Vision and Values

As we reflect on the full breadth of our membership and what we can achieve together, it is important we convey the mission, vision and values that underpin the Association and our industry.

Mission

We are the voice of the Funds and Asset Management industry in Ireland.

Our Vision

Ireland will be the premier location to enable and support global investing through its reputation for trust, capability and innovation.

Our Values

Collaboration – we succeed together and in working with others

Commitment – to achieving better outcomes for investors

Dedication – to member interests

Excellence – in delivering and enhancing our capabilities

Integrity – in everything we do

Society/Community engagement – we give back

Transparency – in who we represent, our interests and our decisions

Impact of Covid-19 on the Funds and Asset Management industry

We are all well aware of the human and public health cost which Covid-19 has had since March of this year when its impact reverberated around the globe. Although general consensus is that we still have some way to go until there is a vaccine or other resolution to the pandemic, central banks and regulators are now beginning to look into the effect the crisis had on capital markets during the early days of its impact and seeking to learn lessons from this.

Resilience of our industry

In the period since the full effects of Covid-19 hit in March until the end of June, the funds industry in Ireland has generally demonstrated notable resilience. From data recently provided by the Central Bank of Ireland, we now know that despite large aggregate net outflows from Irish domiciled funds of €72.7bn in March, net sales have rebounded strongly in the months since and now stand at +€89bn for the first six months of the year. Specifically, Irish domiciled MMFs have recorded net sales of €52.9bn for the first half of the year, and ETFs have recorded net sales of €20.8bn over the same period, demonstrating not only the endurance of these fund products but also a significant return of confidence by investors in the allocation of assets.

The operational role which staff, service providers and counterparts played must not be overlooked. En masse in mid-March, the industry swiftly deployed full remote working procedures, with staff members across organisations working hard to ensure there was no disruption to the management of funds or the service provided to investors. This significant effort has continued since and is likely to continue for some time as large numbers continue to work remotely.

Giving back to the community

The effort made by organisations and individuals during this time, noteworthy and significant as it is, pales in comparison, however, to the real human cost of the Covid-19 pandemic. Very much mindful of this, Irish Funds was proud to partner with local industry charity basis.point in April, promoting an emergency relief fund, which raised more than €200k to provide support for vulnerable families across Ireland. Additionally, Pat Lardner, Chief Executive of Irish Funds, has joined the basis.point Board of Directors, demonstrating the Irish funds and asset management industry’s ongoing commitment to building brighter futures for children from disadvantaged backgrounds, We look forward to even closer ties with the charitable sector and maximising the contribution our industry makes.

Irish Funds Annual Global Funds Conference Online 2020 – 21 and 22 October

This year’s conference will be a fully online experience taking place over the course of 2 afternoons on Wednesday, 21 October and Thursday, 22 October. Key industry experts and global opinion leaders will engage via a series of keynote presentations, interviews and panel discussions. There will also be a significant level of attendee interaction and networking opportunities before, during, and after the conference.

Register / Get more info.

Keynote speakers recently announced include:

• Steven Maijoor - Chair of European Securities and Markets Authority (ESMA)

• Derville Rowland - Director General, Financial Conduct - Central Bank of Ireland

• Alastair Campbell -Writer and former British Prime Minister Tony Blair’s spokesman, press secretary and director of communications and strategy

• Daragh Maher - Head of Research Americas at HSBC

The theme for the 2020 Conference is “Embracing New Perspectives” and this year’s agenda will explore a number of key areas in the funds industry, including:

• Covid-19

• Brexit

• Sustainability and ESG

• Regulation

• FinTech and AI

• Funds Distribution

• Cybersecurity

• The future of work

We are offering a special online conference rate of €125 for members and €150 for non-members. We have had great interest so far and look forward to welcoming funds industry professionals from around the world.

irishfunds.ie/conference2020 #IFConfOnline2020