Figures from the Central Bank of Ireland (“Central Bank”) show assets serviced by the Irish funds industry have passed the €2 trillion milestone. This announcement was made at the recent Irish Funds Industry Association’s annual general meeting.

An Taoiseach (Irish Prime Minister), Enda Kenny, welcomed this news and stated that this highlighted the value of Ireland in continuing to draw commercial operations and investment into the country.

Moreover, as indicated by figures from the Central Bank and EFAMA, Irish domiciled non-UCITS have seen substantial growth. The growth is demonstrated by a rise of 35% in 2010, 15% in 2011 and 4.3% in the first quarter of this year.

Domiciled non-UCITS funds assets are up to €250 billion from €200 billion in 2010 and the number of funds and sub funds reached an all- time high last year.

Additionally, the number of QIFs has reached 1,420 and significantly, assets have reached €182 billion. This is an increase of 20% in 12 months and 35% in 2010.