Dublin Cash Funds Reach Watershed Level

Stephen Harris

12 August 2005

Investments in cash funds domiciled in Dublin reached over €200 billion ($247 billion) for the first time, as at 30 June 2005, according to research by Fitzrovia. At the end of last June cash funds assets were €178.7 billion when they accounted for 43 per cent of all Dublin-domiciled collective fund assets. The quarterly figures show a 14.2 per cent increase in assets in Dublin’s cash funds sector to €218.8 billion compared with €191.5 billion at the end of March. This is the largest quarterly percentage increase since the research was started at the end of 1999. The average quarterly growth figure during that time is 8.6 per cent. Leading promoters of cash funds in Dublin at the end of June included Barclays Global Investors with $38.5 billion in total net assets under management (a quarterly increase of 4.3 per cent), Goldman Sachs with $37.4 billion (up 6.3 per cent), Scottish Widows Investment Partnership with $17.9 billion (up 1.4 per cent), Citibank with $15.3 billion (up 2.9 per cent), and HSBC with $12.2 billion (up 3.4 per cent). “The strong growth recorded in the first six months is a welcome trend and highlights Dublin's continued attractiveness as a location of choice for the domiciling and servicing of funds. We must ensure the second half of the year continues to record strong growth by remaining competitive and innovative in the international funds industry,” said Deirdre Norris, director of marketing and communications of the Dublin Funds Industry Association, in a statement.