Monterey Insight has released its industry research for the first part of 2014, reporting increases in fund assets serviced in Ireland and the Channel Islands.
In Ireland, the total fund assets services increased by 19 percent from just over $1.641 billion in 2013 to $2,565 in 2014. In Guernsey, the total increase 7.2 percent to $426.1 billion, while in Jersey, the total reached $305.8 billion, a leap of 31.9 percent.
The total number of sub-funds in Ireland also increased from 7,008 to 7,075, of which more than 4,000 are domiciled in Ireland. More that 640 new Ireland-domiciled funds and sub-funds were created, bringing in assets that exceed $105.3 billion.
For fund administration services across domiciled and non-domiciled funds, State Street Fund Services was top in Ireland and Jersey, with total net assets of $541.1 billion and $60.1 billion in total assets, respectively.
In Guernsey, Northern Trust remained the largest administrator, with $71.1 billion in total net assets.
State Street also topped the list of custodians in Ireland, with $552.4 billion in assets under custody, ahead of BNY Mellon, which holds $364.9 billion and Northern Trust which holds $349.9 billion.
In Jersey, however, the leader for custody was BNP Paribas, holding $29.9 billion, considerably more than the State Street and Capital Trust Company, which help $10.1 billion and $9.7 billion, respectively.
Of legal providers for funds in Ireland, Maples and Calder provided legal advice for the most funds in Ireland, servicing 1,099. Dillon Eustace overtook in Irish-domiciled funds, offering legal advice to 939, compared to Maples and Calder’s 749.
In Jersey, Mourant Ozannes was the top legal advisor to funds, followed by Carey Olson, however in Guernsey the top two firms were reversed.
The largest fund management company promoting its home-domiciled schemes were BlackRock in Ireland, managing $389.6 billion worth of funds, CVC Capital Parters in Jersey, with $15.9 billion, and Apex Partners in Guernsey, which managed $37.3 billion.
For auditing, PricewaterhouseCoopers maintained its funds servicing lead in Ireland and Jersey, but was pipped to the post by KPMG in Guernsey.
Karine Pacary, managing director of Monterey Insight, said: “Our 20th edition of the Monterey Ireland Fund Report has highlighted how 2014 proves to be an excellent year of growth for Ireland. It is pleasing to see such numbers: Irish domiciled funds breached the US$2 trillion mark for the first time.”
She added: “Private equity and real estate funds continue to cement Jersey’s fund industry, although the largest number of Jersey domiciled funds launched since June 2013 were traditional funds.”
“Once again we are pleased to highlight how Jersey demonstrated its capability to grow in a challenging global competitive market.”
Speaking about the Guernsey result, she said: “Private equity funds remain the signature of the Guernsey fund industry, and continue to increase year on year: they are the only asset type that gained in the total number of funds […] we are glad to see Guernsey continue to be an attractive option for specialist products.”
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