From the February 01, 2012 issue of Futures Magazine • Subscribe!

Move over Cayman Islands

The Irish Funds Industry Association (IFIA) announced in January that assets of Irish domiciled investment funds had reached a record high in 2011, surpassing the €1 trillion mark.

According to the Central Bank of Ireland the value of Irish domiciled investment funds rose to €1,008 billion at the end of November, a 40% increase over the €711 billion in assets held at the end of 2009.

“This record success for Ireland in terms of both alternative investments and UCTIS (Undertakings for Collective Investment in Transferable Securities) demonstrates that Ireland is the fund managers’ domicile of choice, providing solutions to all aspects of the funds industry,” says IFIA Chairman Ken Owens in a statement.

The IFIA also reported that managers preparing for the Alternative Investment Fund Managers Directive (AIFMD) are choosing Ireland as well. It notes that the Central Bank shows 1,355 AIFMD Qualifying Investor Funds (QIF) as of November with €173 billion in assets.

The AIFMD, European Union legislation regarding alternative investments meant to bring more transparency to the space, went into force in July 2011, though implementation measures are still being worked out by the European Commission and will be ongoing throughout 2012 according the Financial Services Authority.

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