Meliosa O’Caoimh, Country Head, Ireland at Northern Trust: The Funds Sector 2030 Report outlines a framework for effective engagement between the Irish Funds industry, the Central Bank of Ireland, and the Department of Finance. The industry’s future success is dependent on innovation, technology developments, and competitiveness. To maintain its leading market position, Ireland must continue to enhance its service offering and regulatory framework, especially for continued support for ETFs, money market funds, and private assets.

A key recommendation of the Report is to support further growth in private assets. The amendments to the AIF Rulebook, outlined in CP162, are positive developments and enhance Ireland’s private assets capabilities – the next phase of this process must extend to a review of the RIAIF rules.

The Report also focuses on retail investment, and I would hope that Irish investors will be encouraged through measures including taxation changes, to prioritise savings and investments. I would welcome the removal of the 8-year deemed disposal requirement and would like to see the standard CGT rate applied to fund investments.

The Report’s aspiration is that Ireland will be in position to take advantage of future technological developments, global competitiveness, and investor demand. The Report recommends that, “the Central Bank and the Department of Finance must do all within their powers to ensure that regulatory and supervisory frameworks are robust and efficient, comparable with the best in class globally.” To be successful, the industry stakeholders must demonstrate a level of urgency in implementing the Report’s recommendations and focus on Ireland’s competitiveness.

Furio Pietribiasi, CEO, Mediolanum International Funds: At our Mediolanum Media event in October, the Minister of State at the Department of Finance, with responsibility for Financial Services, Credit Unions and Insurance, delivered a compelling address on Ireland’s financial services sector. Central to the discussion was the Funds Sector 2030 review, which highlights the sector’s immense potential and the urgent need for forward-looking strategies to drive the next phase of growth.

Minister Troy emphasised the evolving challenges and opportunities shaping the funds industry, positioning it as a cornerstone of Ireland’s financial services strategy. A series of initiatives are already in motion to strengthen retail investment - ranging from implementing the Funds Review recommendations to aligning with the European Commission’s Savings and Investment Accounts proposal. These actions form part of a broader ambition to advance the Savings and Investments Union and define the next chapter of the Ireland for Finance strategy.

A critical pillar of this retail investment drive is financial literacy - a blend of knowledge and behaviours that empower individuals to make informed financial decisions. The ultimate goal is financial well-being: the ability to achieve financial objectives and feel secure about the future. Research consistently shows that financial literacy boosts stock market participation, pension planning and savings habits, while reducing poor practices such as over-indebtedness.

We believe that great financial products or favourable tax conditions alone cannot guarantee success. The real catalyst lies in financial education - helping investors understand not just how to make decisions but why saving and investing are essential to achieving long-term security and capital growth. Improving financial literacy is not an individual task - it’s a shared responsibility across the entire ecosystem: asset managers, financial intermediaries, banks, regulators and governments. That’s why at Mediolanum, we have championed financial education for over 40 years, delivering training to professional financial advisers and investors alike.

Cian Higgins, Director, Head of Quantitative Solutions, Forvis Mazars: The Funds Sector 2030 review set out a clear blueprint for the years ahead – to ensure Ireland remains a globally competitive and resilient funds industry, while becoming more connected to domestic investors and talent. My main hope now is that this same strategic focus carries through to implementation. Three recommendations stand out in particular.

First, the call to support the continued growth and competitiveness of Ireland’s ETF ecosystem. ETFs are one of the most successful financial innovations of the past 30 years, and Ireland’s continued leadership in this space is a genuine strategic asset. Ensuring agility across the regulatory, tax and market infrastructure environment will keep Ireland at the centre of European capital market developments.
Second, private markets represent a strong growth opportunity for Ireland. Global investors continue to seek exposure to private credit, infrastructure and real assets and Ireland’s fund servicing ecosystem is well positioned to support that trend. Building scale will ensure the country participates fully in this shift towards alternative investment.

Finally, the recommendation to attract and develop talent across the industry is fundamental. The ability to combine expertise and cross-border perspectives will define Ireland’s competitiveness in the years ahead. In particular, strengthening links with academia to develop the next generation of talent will be crucial.

If we keep investing in innovation, market depth and human capital, Ireland can continue to lead as a global hub for funds.

Oisin McClenaghan, Partner, Investment Funds, Ogier: Both the Central Bank and the Department of Finance deserve credit for their proactive follow-through on the recommendations contained in the Funds Sector 2030 review. In the last 12 months we’ve seen significant enhancements to our ETF regime with both ETF share class flexibilities and the significant new ability to disclose portfolio holdings on a quarterly basis instead of daily.

We’ve also seen additional AIF flexibilities in the context of AIFs guaranteeing third party debts introduced in the Central Bank’s AIFMD Q&A and with the current AIF Rulebook overhaul, we will have a substantial enhancement to the Irish private equity and alts product offering.

Add the withholding tax exemption for upstream payments to ILPs contained in the current Finance Bill to the picture and collectively, it points to a serious commitment to, and delivery on, the recommendations arising from the Funds Sector 2030 review.