The Irish funds industry grew by nearly 30% over the year to the end of last June to reach more than $375bn (€321bn) in assets under management.

This figure is up from just under $290bn at the end of June 2002 and represents the assets under management in the 2,334 funds currently domiciled in the republic, according to research by Fitzrovia International. When all the funds serviced in Dublin but not domiciled there are included, total net assets are just short of $559bn. Only six years ago this figure stood at less that $69bn. The growth of the fund industry in Ireland means that the number of Dublin-domiciled funds now exceeds that of UK-domiciled funds, both in terms of assets under management and the number of funds.