Irish funds business ‘vital’ to Ireland’s recovery, says minister

IrelandThe Irish funds industry has aided the economic recovery of Ireland, which has returned to growth and is expected to grow further, according to the country’s finance minister. Michael Noonan said the industry had made a “vital contribution” to recovery and that it had increased employment. Minister Noonan was speaking yesterday at the Irish Funds Industry Association’s Annual Global Funds Conference in Dublin. Ireland, which had its sovereign debt downgraded twice in 2011 by ratings agency Moody’s to land at Ba1, or “junk” status, returned to growth in 2011, while 2012 saw a second successive year of growth for the Irish economy, Minister Noonan said. Real GDP grew by 0.9%, which the minister described as “a resilient performance given trading partner weakness”. He also said the trend looked set to continue, with recent forecasts projecting a further expansion of growth this year. “Ireland has been through a very tough period in the past few years; we have grounds to be optimistic now on a number of fronts but in financial services the one constant has been the funds industry,” Minister Noonan said. “The industry continues to create employment, to showcase our talents and to enhance Ireland’s reputation as a place to do business.” Ireland was rocked by the 2007-2008 financial crisis, but industry leaders have argued that its funds business has been sheltered from the worst effects because its economic drivers are mainly from overseas, including Asia. ©2013 funds europe

Executive Interviews

INTERVIEW: Put your money where your mouth is

Jun 10, 2016

At Kempen Capital Management, they believe portfolio managers should invest in their own funds. David Stevenson talks to Lars Dijkstra, CIO of the €42 billion manager.

EXECUTIVE INTERVIEW: ‘Volatility is the name of the game’

May 13, 2016

Axa Investment Managers chief executive officer, Andrea Rossi, talks to David Stevenson about bringing all his firm’s subsidiaries under one name and the opportunities that a difficult market...


ROUNDTABLE: Beyond the hype

Oct 13, 2016

The use of smart beta investing continues to grow. Our panel, made up of both providers and users, discusses what the strategy actually means, how it should be used and the kind of pitfalls that may arise when using this innovative investment technique.

MIFID II ROUNDTABLE: Following the direction of travel

Sep 07, 2016

Fund management firms Aberdeen and HSBC Global meet with specialist providers to speak about how the industry is evolving towards MiFID II.