A&L Goodbody and Dillon Eustace have scooped the bulk of Ireland’s funds work as the value of funds services there approached the $1tr (£566bn) mark.
Dillons topped the table for the second year running, remaining the largest legal adviser of funds in Dublin with 792. Goodbodys is its nearest rival in second place, advising on 573 funds, although it advised the largest proportion of funds when measured by assets, which stood at $180m (£101.9m).
Brian McDermott, head of investment funds at Goodbodys, said: “We’re delighted to have retained our position as the number one legal services provider in Ireland by continuing to represent more than a quarter of the total net assets of the funds serviced in Ireland. These results show how buoyant the industry continues to be.”
The annual table by Lipper Fitzrovia measures fund advisers for the year ending 30 June 2005. The Irish funds market has seen growth of more than 23 per cent over the year, with funds serviced in Ireland topping $950bn (£537.74bn) in 4,498 funds. Funds in Ireland are treated as a tax-neutral entity.
Paul Farrell, a partner in the banking and financial services department at Matheson Ormsby Prentice (MOP), said: “The market in Dublin is booming. Lots of the big international financial institutions are using Dublin and we also get Cayman funds administered from the country.”
MOP slipped one place in the table to fifth, advising on 301 funds. However, Farrell believes the firm would be placed higher if the figures were measured by net assets.
“Dublin and Luxembourg are both doing very well, as they provide a regulated environment for managers and investors,” says Dan Morrissey, head of William Fry’s asset management and investment funds department. William Fry is fourth in the table, having worked on 311 funds.
|Legal advisers for all collective funds serviced in Dublin|
|Firm||30 June 2005||30 June 2004|
|Source: Lipper Fitzrovia|