The Irish Funds Industry Association (IFIA) has announced record net assets of €1.6 trillion in Irish funds, across all fund structures in 2014.
Assets domiciled in Ireland grew by 19% in the first nine months of this year, according to a statement made at the IFIA's Annual UK Symposium in London.
The high number of assets under management in Ireland has been boosted by over 500 funds launched in the country between January and September this year.
Ucits assets have grown by 22% with inflows of €93 billion, while assets in qualifying investor alternative investment funds (QIAIF) increased by 27%, with €20 billion of flows into alternative investment funds.
Overall, inflows for the Irish funds industry reached €113 billion, with total net inflows into both new funds and existing funds more than doubling, compared to the same period in 2013.
The IFIA's members, which number more than 100, are responsible for over 12,500 funds, with a net asset value of €3.2 trillion.
Pat Lardner, chief executive officer of the IFIA, says: "The combination of regulatory engagement, strong financial services support and competitive fund structures mean it is difficult to not consider Ireland when wanting to access European markets."
He adds: "Now we have to continue working with all stakeholders in Ireland to ensure that 2015 sees a continued growth in asset inflows by ensuring Ireland is the best place to domicile funds for international distribution."
Earlier this year, the IFIA also made a pledge to encourage and support greater international capital flows between Ireland and China, which it's said will result in greater opportunities for investors as well as further growth in both countries.
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