For the second year running Ireland has been the fastest growing of the major funds centres in Europe.

According to figures from EFAMA from March 2010 to March 2011 assets administered in Ireland have risen by 17.2 per cent surpassing its nearest rival Luxembourg which grew its AUA by 10.2 per cent. And in the past year a watershed has been reached for the Irish funds industry when the total for as sets administered exceeded $2 trillion. This, the second annual Investment Funds Ireland, report shows that a number of global trends have turned markets in Ireland’s favour. Covered are opportunities such as the growth of qualifying investors funds (QIFs) coming as a result of the growth of hedge fund managers domiciling onshore and the tax and regulatory developments that have kept Ireland ahead of its competitors. Developments such as the quick transposition into Irish law of the UCITS IV legislation and also the readiness of industry firms and regulators to ensure the UCITS IV readiness of the centre have been important. Also benefiting the industry is theemergence of opportunities coming out of AIFMD that will likely fuel more growth.

The Finance Dublin Funds Awards Database
The Finance Dublin Funds Awards Database Investment Funds Ireland 2011 also includes the first edition of the Investment Funds Ireland Awards Database which showcases the achievements of the companies that make up Ireland's funds industry. The database highlights the high quality work, world leading achievements, the diversity and range of business capability and global standards of excellence achieved by the community of firms making up Ireland's funds industry. The list shows 31 Irish funds companies winning 508 awards in 2010 and 2011 from 29 separate award giving bodies. Of the 508 accolades picked up by Irish funds industry in 2010 and 2011, 296 are first place or 'top rated' awards with Irish funds companies winning awards across all categories and products such as equity funds, fixed income funds, fund of funds, multi-strategy funds and UCITS funds. As well as these a number of overall awards were won by members of the Irish funds industry including Funds Europe's 'European Fund Administrator of the Year 2010' (Citi) and 'European Custodian of the Year' (RBC Dexia); The European Pensions Awards 2011's 'Custodian of the Year' (State Street); the ICFA's 'European Transfer Agent of the Year' (RBC Dexia) and 'European Custodian of the Year' (JP Morgan) and Global Investor's 'Fund Administrator of the Year' (SGSS) and the Annual Global ETF Awards 2011 'Best Service Provider to ETFs in Europe' (Northern Trust) to name but a few. In addition, Irish funds companies picked up 212 commendations across a wide range of sectors including fund of funds; multi-strategy; single strategy, equity and fixed income as well as all awards categories classified by the size of the fund. An abridged list is available on pages 4 and 5 with the complete list available on www.financedublin.com

Pillars of the Irish funds industry
A picture of the range and diversity of the Irish funds sector can be gained from the below pen pictures, while profile the twelve largest firms in Ireland by numbers of employees. Over fifty firms make up the entire Irish industry which also includes a hist of innovative and specialist firms, some start up, and some providing some of the most valued and successful servicing strategies in the modern market, as a perusal of the Funds Awards Database in the next two pages will show.

A core of leading international funds companies have been present in Dublin during the evolution of the jurisdiction from a concept in 1987 to a major international financial centre today.

State StreetIn Ireland, State Street has grown its staff to over 2,100 employees since first entering the market in 1996. With offices in Drogheda, Dublin, Kilkenny, and Naas, State Street in Ireland services more than US$500bn in assets for its clients and employs approximately 20 p.c. of the Irish funds industry’s workforce. State Street owns International Fund Services (Ireland) Ltd. which provides accounting and administration solutions to the hedge fund industry. State Street’s country head is William Slattery. He is currently chairman of the council of IFSC Ireland a new initiative created in 2010 to promote the IFSC internationally. Its president is John Bruton former Prime Minister of Ireland and former EU Ambassador to the US. Recent business wins include: April 2011- State Street was appointed by Russell Investments to service its new Irish-domiciled CCF. State Street's operation in Ireland will provide custody and fund administration services to the new Common Contractual US Equity Plus Fund.

BNY MellonBNY Mellon opened its first office in Ireland in 1994 and received approval from the Central Bank of Ireland to establish a new bank licensed entity in Ireland in 2009. It currently employs over 1,800 employees in Ireland. Joe Duffy is the country executive and Rachel Turner is head of BNY Mellon’s fund servicing team in Ireland. The firm also recently set up Ireland’s first MiFID authorised futures and derivatives clearing entity. The new company BNY Mellon Clearing International Limited will clear futures and derivatives trades on behalf of institutional clients in EMEA. In 2010 it acquired PNC Financial Services' Global Investment Servicing Unit, increasing the firm’s Irish footprint.

CitiCiti was one of the first international banks to set up a branch in Ireland with a continuous Irish presence since 1965. With the opening of the Dublin service centre in 1996 it now employs 2,200 people in Dublin. Aidan Brady is the company head, the funds business is headed up by Catherine Brady. Recent business wins include: In March 2011 Man Group plc appointed Citi as its global shareholder services partner. Citi will perform global shareholder and transfer agency services for AHL and Man multi-manager private investor products.

J.P. MorganJ.P. Morgan Bank (Ireland) plc can trace its roots in Ireland back to 1968. Bear Stearns Bank Ireland became part of the business in 2008 as a result of the merger and was named J.P. Morgan Bank (Dublin) plc. It is a fully authorised banking institution. J.P. Morgan in Ireland provides services to hedge funds and mutual funds and employs more than 500 staff. The company services over €145 bn in assets. It is headed up by Carin Bryans since 2006. She is a former chair of the Irish Funds Industry Association (IFIA)

Northern TrustNorthern Trust established a foothold in Ireland in 2000 through its acquisition of Ulster Bank Investment Services Ltd. The firm employs about 950 people at offices in Dublin and Limerick. Northern Trust acquired Bank of Ireland Securities Services in June 2011 and recenlty appointed Clive Bellows as the new head for its Irish business. Recent business wins include: the provision of fund accounting and additional custody services to the Legal & General Investments Unit Trust range and the provision of custody, fund administration, credit and foreign exchange services, and online portfolio monitoring of funds of hedge funds range for Stenham Asset Management,

HSBCOperating in Ireland since 1979, HSBC offers services to alternative and traditional funds through HSBC Securities Services Ireland (HSSI). Its acquisition of Bank of Bermuda in Ireland was a large increase in its footprint in Ireland. The Irish firm specialises in servicing hedge funds, funds of hedge funds, UCITS & ETFs. Stephen Young is its current chief executive officer of HSBC Ireland appointed in December 2010. The head of HSSI is Rosemary Quinlan.

CitcoCitco Fund Services (Ireland) Limited was established as an authorised investment intermediary in the IFSC in October 1999 and currently administers over 400 funds, representing in excess of $82 billion in net assets under administration. In 2010, Citco Bank Nederland N.V. Dublin Branch received approval from the Irish Financial Regulator to provide trustee and custody services for Irish domiciled collective investment schemes allowing theIrish branch of Citco to compliment its existing custody services to non-Irish authorised funds. Declan Quilligan is the head of Citco’s Irish funds business.

Brown Brothers HarrimanFounded in 1818, Brown Brothers Harriman & Co. is a privately held financial services firm. Organised as a partnership, BBH has approximately 4,600 professionals in sixteen offices throughout North America, Europe and Asia. BBH Dublin was established in September 1995 and consists of two companies: Brown Brothers Harriman Trustee Services (Ireland) Limited, headed by Michael McDonald and Brown Brothers Harriman Fund Administration Services (Ireland) Limited, headed by Alan O' Sullivan. Both companies are subsidiaries of Brown Brothers Harriman & Co. Sean Pairceir is the resident partner of BBH in Dublin and former chair of the IFIA.

RBC Dexia
Operating since 1997, RBC Dexia’s Dublin office provides custody, trustee, fund administration and shareholder services in Ireland. Padraig Kenny is its managing director in Ireland. In this role, Kenny is responsible for leadership and development for the company's operations in Ireland. Kenny is a former chairman of the IFIA.

Deutsche Bank
Deutsche Bank employs 250 people in Ireland across three companies, Deutsche International Corporate Services, the fund administration company, Deutsche Bank AG, offering custody and trustee services, and DB Service Centre, with 200 staff employed providing cash operation services to the bank. The company has recently announced a major expansion to its hedge funds business in Ireland.

Custom House
The Custom House Group of Companies was originally established in Ireland in 1989, offering a variety of financial services. After several metamorphoses, the group has now developed into a global hedge fund administration organisation. Dermot Butler heads the company

Daiwa
Daiwa was one of the first hedge fund administrators in Dublin and have been providing fund services to since 1990 and UCITS Funds since 1994. In the past year, Daiwa Europe Fund Managers Ireland Ltd (Daiwa) received authorisation to service global fund managers and promoters launching Dublin domiciled UCITS products.