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State Street maintains Irish dominance as Emerald Isle ’ s domiciled assets soar
Irish-domiciled assets jump by a quarter as State Street tops list for administration , custody and transfer agency services , with Northern Trust following in second .
State Street has maintained its position as the largest provider of administration , custody and transfer services in Ireland , increasing its assets in each role . This is according to data from the Monterey Insight Ireland Fund Report , which revealed the market shares of all service providers in the Irish funds industry . For fund services across both domiciled and non-domiciled funds , State Street assets under administration totalled $ 1.7 trillion , followed by Northern Trust with $ 713.3 billion and BNY Mellon with $ 592.4 billion . JP Morgan took fourth spot , with assets totalling $ 506.4 billion . State Street also topped the list of custodians of serviced funds , with $ 1.6 trillion of assets under custody . Northern Trust is in second position with $ 706.4 billion , ahead of BNY Mellon with $ 588.9 billion . In the transfer agents ranking of serviced funds , State Street Fund Services again topped the pile with total net assets of $ 1.7 trillion , followed by Northern Trust with $ 713.6 billion in second and JP Morgan in third with $ 484.4 billion . Tadhg Young , country head , Ireland at State Street , said the custodian is pleased to rank first across the areas of administration , custody and transfer agency services . “ That is a great credit to our talented staff and to the confidence placed in State Street by clients with funds representing all asset classes and product types such as ETFs , money market , tax transparent as ESG funds as well as hedge and private market vehicles .” Overall , domiciled funds in Ireland saw year-onyear increase of 28.1 % to $ 4.2 trillion , with growth driven by a 43 % rise in equity products . The report also highlighted that a significant contribution to the non-domiciled business has been the inclusion of Luxembourg funds , which contributed $ 439.3 billion with over 800 funds and sub-funds .
For the first time among domiciled funds , equity products overtook money market funds to top the list , reaching a total of $ 783.7 billion – with the top 50 sub-fund performers accounting for $ 100.9 billion of the increase . Money market funds took second place , rising 4 % to reach $ 724.3 billion , followed by bonds in third with $ 671.8 billion . ETF Equities saw the highest level of growth among the funds , jumping 76 % year-on-year to $ 660.2 billion . ESG also saw annual growth , hitting a new high of $ 239 billion . The number of Irish funds and sub-funds has also grown , rising 5 % year-on-year to 5,998 . Within these , new Irish schemes only – including their sub-funds – reached $ 36.2 billion from 171 funds and sub-funds . Karine Pacary , managing director at Monterey Insight , said : “ The results of the latest Irish fund report are again excellent news for the Irish fund industry and continue to demonstrate the resilience of all in the fund business . “ Also , worth noting the new , comprehensive inclusion of Luxembourg funds with an appointed Irish ManCo or main Irish service provider show the large interactivity between markets where Ireland was able to capitalise on its position particularly in relation to Brexit .” Ireland has become a popular spot for custodians and fund administrators post-Brexit , as fund launches in the country surge . Offices have been launched , and teams bolstered with new personnel in response to the cementing of Ireland as one of the world ’ s top domiciles . Most recently , Crestbridge received regulatory approval to launch its services in Ireland following the opening of a Dublin-based office , where the firm had begun offering integrated corporate services . Other fund administrators to set up or increase their presence over the past 12 months include IQ-EQ and Alter Domus . Meanwhile , BNY Mellon named Paul Kilcullen from Citi its new country head of Ireland in 2021 .
Fund Services Annual 2022 globalcustodian . com 13