Total assets under administration in Ireland have reached a record high and are fast approaching the €2 trillion mark. At the same time it has been revealed that the Irish funds industry is now credited with servicing an estimated 43% of the world’s hedge fund assets.

Figures from the Central Bank and IFIA reveal that total assets under administration in Ireland hit an all time high of €1.88 trillion at the end of 2010 – up from €1.4 trillion at the end of 2009.

Recently published figures from the Central Bank reported that the value of Irish domiciled investment funds had reached an all high time of €964 billion as at the end of December – up nearly a third (29%) on the same time last year from 748 billion. Some €914 billion worth of assets held in non Irish domiciled funds is serviced in Ireland.

It has also been highlighted that the Irish funds industry now services a whopping 43% of total assets held in the world’s hedge funds – up from an already impressive 42%, according to analysis of the latest report from HFM Week.

Gary Palmer, Chief Executive of the Irish Funds Industry Association, said: “This is excellent news and the fact that both domiciled assets have reached an all time high and that fact that Irish funds industry companies now service some 43 per cent of all hedge funds is truly testament to the excellence, innovation and reach the jurisdiction provides.

“This growth continues to highlight the opportunities, solutions and efficiencies Ireland offers to the international funds industry.”