Meliosa O’Caoimh, Country Head, Ireland at Northern Trust: The marginal increases shown by the end of June 2025 in part reflect the volatility that occurred across public markets during the months’ prior, spurred in part by tariff announcements from the U.S., along with resulting actions and uncertainty.

They reinforce the view that the global economic outlook remains uncertain and that some associated risks remain unresolved, not least those pending the prospects for trade negotiations, retaliation, and other related developments.

The year-on-year increase reflects how global asset values have continued to rise since for the year to date, driven by factors including the surge in equity markets, growth in private assets, and continuing post-Covid pandemic economic recovery.

They also reflect Ireland’s significant market share as the fastest-growing major European domicile, according to Irish Funds, and one of the world’s preferred locations for fund managers to domicile their funds.

Oisin McClenaghan, Partner, Investment Funds, Ogier: AUM of Irish domiciled funds increased by a remarkable 22% in 2024. Significantly, 42% of that growth is attributable to AIFs.

Given the comprehensive enhancements to the Irish private assets and alts product and tax offering currently in train, our expectation is that we will continue to see strong growth in Irish domiciled AIFs in the coming years, as well as continued significant growth in UCITS, including ETFs. My own view is that we are firmly on track to be the largest fund domicile in Europe by 2028.

Cian Higgins, Director, Head of Quantitative Solutions, Forvis Mazars: The rise in Irish-domiciled fund assets to just over €5 trillion at the end of June 2025 reflects both global market performance and Ireland’s continuing role as a conduit for international capital. While growth since December 2024 has been modest, the double-digit increase year-on-year aligns with broader market trends.

Traded markets performed strongly from H2 2024 through H1 2025. Equity indices remained resilient through the first half of 2025. The MSCI World Index rose around 14% in the same period while the S&P grew by 13% and the EuroStoxx 50 by 8%. Bond markets also benefited, albeit for differing reasons, as inflation expectations eased and credit spreads tightened modestly.

However, the euro’s appreciation against the US dollar, from $1.04 to $1.17 in the first half of 2025, offset some of these gains. Given the large proportion of US-denominated assets managed from Ireland, this FX movement likely reduced the euro value of holdings, dampening otherwise stronger asset-based growth.

Overall, the data reflect valuation uplifts driven by higher asset prices, tempered by currency effects. The €5 trillion milestone underscores a stable yet globally integrated Irish funds industry.