Irish Funds Industry Association (IFIA) to open representative offices throughout Asia.

At the launch of Irish Funds Industry Aassociation's (IFIA) representatives offices in Singapore are: (L-r) Brian Conroy, Director IDA Ireland Asia-Pacific, Ambassador Joseph Hayes, Gary Palmer, Chief Executive, IFIA, Micheal Smith, Director ASEAN IDA Ireland, and President of the IFSC and former Irish Prime Minister John Bruton.

We are delighted to be spearheading this initiative with IFIA to ensure that fund managers in Asia have access to representatives to assist with all their needs in domiciling or distributing their funds from Ireland.  I'm very pleased at the partnership reflected in this venture that will see IFIA and IDA working together, even more closely, both at home and now in our overseas offices to promote Ireland as the domicile of choice for international funds.  The initiative is part of our on-going commitment to the further development of the international financial services sector and to the principle of Open Innovation set out in our Strategy Horizon 2020.

Kieran Donoghue, Head of International Financial Services at IDA Ireland

Friday, 25th November 2011 - An Irish funds industry delegation led by former Taoiseach (Prime Minister) John Bruton, President IFSC Ireland, is this week launching new representative offices for the Irish Funds Industry Association (IFIA) throughout Asia. The initiative is a joint venture between IFIA and IDA Ireland, the Irish Government’s inward investment agency.

The move means that the Irish funds industry will now have representatives on the ground in Tokyo, and Singapore for the first time.

IFIA representative offices were opened in June in Chicago, Boston, Atlanta and London when the new partnership with IDA Ireland was first revealed. Other offices throughout the world are also being planned.

Ken Owens, Chairperson of the IFIA said: “Asia is a crucial market for Ireland and we believe we can offer the solutions and services required by managers and promoters from the region.

“The opening of these new representative offices in association with the IDA will play an important role in our efforts to expand business in Asia.”

He added that recent independent statistics showed that Ireland was the managers’ choice in terms of both UCITS and alternative investments during 2011 but that this was not down to luck.

“It is no co-incidence that Ireland has experienced such remarkable success during 2011 as the industry in Ireland is constantly striving to ensure the optimum business environment for internationally distributed funds.

“Opening these representative offices means that we can be on the ground in two of our key growth markets to promote Ireland as the jurisdiction of choice for internationally distributed investment funds and be on hand to assist managers looking for the product solutions and expertise Ireland can offer in an ever changing global regulatory landscape.”

Kieran Donoghue, Head of International Financial Services at IDA Ireland said: "We are delighted to be spearheading this initiative with IFIA to ensure that fund managers in Asia have access to representatives to assist with all their needs in domiciling or distributing their funds from Ireland."

He continued: "I'm very pleased at the partnership reflected in this venture that will see IFIA and IDA working together, even more closely, both at home and now in our overseas offices to promote Ireland as the domicile of choice for international funds.

“The initiative is part of our on-going commitment to the further development of the international financial services sector and to the principle of Open Innovation set out in our Strategy Horizon 2020."

Gary Palmer, Chief Executive of the Irish Funds Industry Association who is taking part in the mission, said he wanted to thank the representatives from industry, IDA, Foreign Offices, Ambassadors and the Government for all the support. “The opening of these new offices demonstrates industry and Government agencies are working hand in hand to promote Ireland as the leading domicile for internationally distributed investment funds.”

The trade mission, which also includes representatives from the industry’s funds and advisory companies, included a wide range of activities from briefing seminars for local industry representatives to meetings with the relevant authorities and agencies.  It is thought that close to 1,000 people will be met by the delegation during its grueling tour of Asia in Singapore, Tokyo and Kuala Lumpur in the coming days.

Note to Editors
Ireland- the managers’ domicile of choice for retail and alternative investment funds during 2011

On the alternative side:
•     Managers gearing up for AIFMD are rapidly turning their sights to Ireland with figures for its AIFMD ready Qualifying Investor Fund (QIF) soaring     
•    Recent figures from the Central Bank of Ireland show that the number of QIFs is at an all time high of 1,273 with assets also reaching a peak of EUR159 billion
•    Ireland, which already administers more than 40 per cent of the world’s alternative investments, has seen QIF assets grow some 18 per cent in the past 12 months

On the retail side:
 •    Recent figures from EFAMA showed that Ireland was also the domicile of choice for UCITS in 2011 attracting the highest inflow of net assets of any domicile for the year so far
 •    In fact, the statistics show that the gains made by Ireland were almost two and half times that of the next most successful domicile
•    The statistics from EFAMA demonstrate that Ireland attracted EUR41.5 billion in net assets of  UCITS in the year to date. The largest inflows experienced by any other jurisdiction was only EUR17 billion
•    In fact most jurisdictions saw significant losses  - some of more than EUR40 billion.
 
FOR FURTHER INFORMATION CONTACT:
JAPAN
Derek Fitzgerald –
Director Japan, IDA Ireland
Tel: +81 3 3262 7621
Email: irishfunds@ida.ie

SINGAPORE
Michael Smith -
Director SE Asia, IDA Ireland
Tel: +65 623 80774

IRELAND
Angela Madden
Marketing & Communications Manager
IFIA
angela.madden@irishfunds.ie
Tel: + 353 (0)1 670 1077  
Mob: +353 (0)86 041 4755

IDA Press office - +353 1 603 4226