Ireland’s fund management sector could grow 40% by 2020, says PwC
Growth could deliver additional 7,000 to 10,000 jobs, report says
PricewaterhouseCoopers report ‘Asset Management 2020: A Brave New World’ predicts global assets under management will rise to about €75 trillion by 2020.
Ireland’s fund management industry has the potential to grow by 40 per cent over the next seven years, according to a new global report by PricewaterhouseCoopers.
Such growth could deliver an additional 7,000 to 10,000 jobs, directly and indirectly, in Ireland by 2020.
Ireland already ranks among the top three locations in Europe for fund management, with assets under management of €2.5 trillion and up to 20,000 people working in the sector.
Andrew O’Callaghan, asset management partner at PwC Ireland, says there is the potential to grow to €3.5 trillion by 2020 “if the industry remains competitive, develops strong connections with emerging new funds centres and continues to market itself positively”.
Emerging markets in Asia and Latin America are likely to provide much of this new growth, he said.The report, Asset Management 2020: A Brave New World, predicts that global assets under management will rise to approximately $101.7 trillion (€75 trillion) by 2020, from a 2012 total of $63.9 trillion.