The Irish Funds Industry Association (the “IFIA”) in conjunction with IDA Ireland, has opened a representative office in Sao Paulo, Brazil.

This is the 11th of such representative offices to be opened worldwide and demonstrates the industry’s focus on establishing a global presence in key jurisdictions.

Brazil is becoming an increasingly important jurisdiction for the asset management industry and Brazilian domiciled promoters currently manage in excess of €10 billion in Irish funds.

Further highlighting the Irish fund industry’s strengths are figures released from the European Fund and Asset Management Association (“EFAMA”), which demonstrate that during the first half of 2012 Ireland attracted 45% of all new investments into UCITS. Irish funds experienced growth across every asset class in 2012. This influx of €45 billion in new UCITS monies was the highest recorded in any jurisdiction and bucked a trend that saw net outflows from many jurisdictions. Based on these figures, Ireland is likely to be the fastest growing domicile for UCITS again in 2012 as a whole.