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Ireland sees 9% asset increase despite pandemic year

Irish funds industry assets under administrationIreland saw a bumper year in fund sales last year, which was reflected in higher funds under administration.

At the end of December 2020, net sales for the year had reached €245 billion – the highest across all European fund jurisdictions, according to Irish Funds, the country’s industry body.

This included a strong December, when €72.2 billion worth of fund sales were recorded.

Net assets closed the year at €3.32 trillion - the highest level ever reached in Ireland and a 9% year-on-year increase.

Irish Funds also said it had seen 27 financial firms entering or expanding their presence in Ireland in January, bringing the total to 137 new entries or expanded offers since January last year. Membership is also up 30% over the past four years.

The trade body said the primary driver of the expansion over the past year was alternative investment fund managers.

Sales for Ucits funds during December 2020 were of €64.8 billion, while alternative investment funds had sales of €7.3 billion.

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