LONDON (HedgeWorld.com)–Alternative investment assets domiciled in Dublin exploded in the year ended June 30 to US$10.8 billion from US$3.1 billion a year earlier, according to the latest version of the “Dublin Fund Encyclopedia.”
In addition, there was only US$1.3 billion in alternatives under administration as of June 30, 1997, according to Fitzrovia International plc, the fund research consultant that publishes the encyclopedia yearly.
The increase comes in part as a result of institutional investors who are more comfortable with hedge funds domiciled in the more familiar Ireland, as opposed to ones in the far-off Caribbean, such as the Cayman Islands. And the results were encouraging for the region given the recent depressed investment environment. “As would be expected, there has been an easing of fund applications so far this year. Against the current very difficult economic background, however, the figures are surprisingly buoyant,” said Michael Deasy, head of IFSC and funds supervision for the Central Bank of Ireland, in a Fitzrovia statement.