[ U P D AT E ]
Global
custodians
look to
capitalise on
Irish funds
growth
Fund assets serviced in Ireland by
the global custodians rose by 6.2% to
reach nearly $4 trillion at the end of
June 2019, according to new research.
$4
trillion
The value fund assets
number of geographies.”
In second place was BNY Mellon with
assets under custody and administration of
$500 billion and $510 billion respectively for
both domiciled and non-domiciled funds,
followed by Northern Trust and JP Morgan.
Many global custodians have sought to
expand operations in Ireland to keep up with
growth in the funds management industry,
particularly for servicing Irish-domiciled
exchange traded funds (ETFs).
State Street has been working with high
profile fund managers, including Vanguard
and Invesco, for their Irish-based ETFs, while
last year BNY Mellon was appointed by
Goldman Sachs Asset Management (GSAM)
as the asset servicing provider for its newly
launched range of Irish-domiciled ETFs.
in Ireland reached in
June 2019
C
ustodians are aiming to take advantage
of a surge in interest among regional and
global asset managers that want to set up
shop in Ireland.
According to research from Monterey
Insight, fund assets serviced in Ireland rose
by 6.2% to reach nearly $4 trillion at the end
of June 2019.
The amount of new Irish schemes
launched during the year also rose to $27.3
billion, with in excess of 200 sub-funds.
Altogether, 859 Irish groups and sub-funds
were launched during the year, representing
total assets of $117.8 billion.
The research also showed State Street
remains the largest securities servicer in
the country with $1.3 trillion in assets under
administration and $1.2 trillion in assets
under custody, representing over a third of
the bank’s total assets serviced in Europe
and Middle East.
“We’re very proud that we continue to be
the market leader for fund administration,
custody and transfer agency services
increasing our assets in every category,” said
Tadhg Young, head of State Street Ireland.
“Our broad client mix, including some of
the world’s largest and most successful
asset managers helps to inform our deep
understanding of their needs, and allows
us to fully support them as they grow their
businesses in new markets, develop more
complex products, and expand into a greater
30th anniversary 2019
globalcustodian.com
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