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Irish Funds opens Brussels office as net assets reach record €3 trillion

russels_The_Grand_PlaceIrish Funds, Ireland’s national funds association, has opened an office in Brussels as total net assets in Irish-domiciled funds surpassed €3 trillion for the first time.

The association says that its Brussels office, in Square de Meeûs, will serve as a hub to engage with EU policymakers and legislators in Brussels and with Esma in Paris on key EU financial services legislation and regulation.

Speaking at an event to mark the opening of the office, Pat Lardner, chief executive of Irish Funds said: “We are delighted to open our Brussels office given the importance of a physical presence here in building relationships and engaging with policymakers to continue to help shape the future of our industry.

“Coming from a small member state we see openness as a strength and a source of competitiveness, not a threat to it.  Protecting the single market and encouraging investment and savings in a global world aren’t mutually exclusive.”

According to the latest Central Bank of Ireland data, November 2019 saw Ireland’s total net assets reach €3.02 trillion, up 25% year to date and the first time Irish domiciled funds have surpassed the €3 trillion mark. This new record is split between Ucits funds €2.3 trillion (up 27%) and AIFs €0.74 billion (up 21%).

The data also showed that net sales for Irish domiciled funds for the 11 months to the end of November 2019 were €257.7bn and accounted for 56% of all net sales into Europe-domiciled funds. Ireland currently accounts for 17% of all European fund assets and is Europe’s largest ETF Domicile with 60% of European ETF assets.

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