CACEIS NEWS 36
0 100 200 300 400 500
8 caceis news - No. 36 - January 2014
343
286
238
Worldwide
Europe
Country Focus - Ireland
Italy Focus in the next caceis news
Source: EFAMA - October 2013
Source: EFAMA - November 2013
2002
2003
2004
Worldwide Investment Fund Assets Q2 2013 (€ trillion)
Net assets of the European Fund industry Q3 2013 (€ billion)
Total Assets of Irish Domiciled Funds Q3 2013 (€ billion)
1,400
Investment fund assets worldwide decreased 3.5% during the second quarter to stand at €22.94 trillion at end June 2013.
The combined assets of the investment fund market in Europe, i.e. the market for UCITS and non-UCITS, increased by 3.2% during the third quarter of 2013 to stand at €9,531 billion at end September 2013.
1,200
1,000
800
23.78 22.94
1,318
19.97 20.85 21.42 21.95 22.17
600
1,227
18.58
963 1,055
Country Austria Belgium Bulgaria
€bn 150
Share
400 200
808
749
730
647
1.6% 1.0%
587
435
363
304
93
0
3 5
-
September 2013
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Q3
Q4
Q1
Q2
Q3
Q4
Q1 Q2
Czech Republic
0.1% 1.9% 0.8%
2011
2012
2013
The net assets of Irish domiciled funds reached €1,318 billion in September 2013, representing growth of 7.4% on yearend 2012. These figures demonstrate another strong year for Ireland which saw the industry surpass the significant milestones of €1 trillion in domiciled assets as of yearend 2011. The low 12.5% corporate tax rate is one of the cornerstones of Ireland’s strategy for attracting foreign investment, including the funds industry.
Denmark
181
Finland France
73
1,508 1,361
15.8% 14.3%
Total net assets Type Split - Q2 2013
Germany
Equity
38%
Greece
7
0.1% 0.2%
Hungary
14
Money Market
15%
Irish Domiciled Funds - Breakdown in assets between UCITS &Non-UCITS Q3 2013 (€ billion)
Ireland
1,318
13.8%
Bond
23%
Italy
204
2.1% 0.4%
Liechtenstein Luxembourg
32
Balanced
11%
2,539
26.6%
Other
13%
Non-UCITS €292bn
Malta
9
0.1% 0.7% 0.9% 0.4% 0.3%
Ireland is a major and growing centre for internationally distributed UCITS. UCITS account for 80% of Irish domiciled assets and Irish UCITS are distributed in over 70 countries around the world.
Trends by investment type Q2 2013 (€ trillion)
Netherlands
68 78 41 25
Norway Poland Portugal Romania Slovakia Slovenia
Equity fund assets worldwide decreased 3.6% during the first quarter to €8.7 trillion. Over the same period net assets of bond funds fell 4.8% to stand at €5.4 trillion, whilst net assets of balanced/mixed funds recorded a slight decrease of 0.6% to stand at €2.5 trillion. Net assets of money market funds fell 5.6% during the quarter to €3.4 trillion.
UCITS €1,026bn
4 4 2
- - -
Source: Central Bank of Ireland
Spain
172 194 356
1.9% 2.0% 3.7% 0.2%
Sweden
Irish Domiciled Funds Breakdown by type Q3 2013 (in percentage)
Switzerland
Money Market Bonds Balanced
Equity
Turkey
20
10
United Kingdom
1,070 9,531 6,690 2,841
11.2%
6%
9%
Total UCITS
100.0%
Bonds Equities Hedge Money Market
8
70.2% 29.8%
32%
Non-UCITS
6
21%
4
Equity funds registered strong net asset growth of 7.8% or €173 billion to stand at €2,399 billion at quarter end. Bond fund net assets rose 1.0% or €20 billion to €1,935 billion. Net assets of balanced funds increased 2.0% or €21 billion during the quarter to €1,067 billion. In contrast, money market fund net assets reduced 1.0% or €9 billion during the quarter to € 935 billion. European trends in assets by UCITS type Q3 2013 (€ billion)
Mixed Other
2
7%
0
25%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011
2012
2013
Source: Central Bank of Ireland
Net Sales of Investment Funds Q2 2013 (€ billion)
Total Assets under Administration in Ireland Q3 2013 (€ billion)
Investment funds worldwide registered net inflows amounting to €109 billion in the second quarter, down from €320 billion in the first quarter.
Irish funds industry is now servicing a record figure of €2.5 trillion in assets under administration, an all-time high for the country. This reputation extends not only to Irish domiciled funds but funds based in other jurisdictions including providing administration services to UK, Cayman, Bermudian, BVI and Bahamian investment vehicles.
Money market Bonds Balanced Other (incl.FoF)
Equity
2,400
3,000
2,000
2,500
2,546
369
1,600
2,199
320
2,000
1,878 1,881
1,200
1,653
193
1,500
167
147
1,394
vvv
109
102
99
1,208
83
1,000
800
841 966
636
500
400
489
Q3 Q4 -104
0
Q2
Q3 Q4
2013 Q1 Q2
0
Q1
Q2
Q1
2003
2004
2005
2006
2007
2008
2009
2010
2011 2012 September 2013
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011
2012
Q4
2011
2012
2013
Split by region of UCITS distribution Q2 2013
Source: Central Bank of Ireland & IFIA
Net Sales of UCITS - Q3 2013 (€ billion)
Net sales of UCITS totaled €34 billion in the third quarter of 2013, up from €12 billion in the second quarter. Uncertainty about bond market developments during the quarter penalized bond funds, whereas equity funds benefitted from improved investor confidence.
Other 2.6%
Irish Administered Alternative Investment Funds (AIFs) Q3 2013 (in percentage)
Brazil 5 . 3%
Australia 5 . 2%
USA 50 . 2%
Ireland is the largest hedge fund administration centre in the world. Ireland services alternative investment assets representing approximately 43% of global hedge fund assets.
132
95
Ireland
78
Europe 28.3%
Rest of World 57%
43%
34
20
12
8
-50
China 1 . 3%
Japan 3.4%
Canada 3.7%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Source: HFMWeek 19th Survey & IFIA October 2012
2011
2012
2013
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