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Evergreen Dublin goes for growth
01 June 2008
From a standing start, and in under 20 years, the Irish funds industry has carved out a niche in global financial services that has developed into an important part of the Irish economy, writes James Norris
What started out as an urban regeneration idea has become a significant element in the Irish economy. The International Financial Services Centre, based in the docklands area of Dublin, is home to an industry that handles $1.9 trillion in assets under administration, and €803 million of assets in collective investment schemes, as at January 2008. Dublin now boasts 5,646 registered funds, a 35% increase on last year's total. It claims to be the largest European domicile for money market funds, the largest administration centre for ETFs in Europe and the largest hedge fund administration centre globally (servicing 30% of all alternative investment funds worldwide).
An indication of the speed of growth experienced by the financial services sector recently has been the logistical problems faced by one of the major players in the fund administration business. PricewaterhouseCoopers, after moving into new offices at the IFSC last year, has had...
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