Strong growth in foreign-owned investment funds administered in Ireland continued in the 12 months to the end of June. Total net assets held in Dublin-domiciled funds owned by foreign investors jumped by 70 per cent to $108.6 billion (€102.45 billion) in the year to end June 1999, according to Fitzrovia International.

In the fifth edition of its Dublin Fund Encyclopaedia, the investment fund research company found that the net assets were held in some 1,205 funds.

Net assets held in these funds have risen by at least 30 per cent each year since 1995. Fitzrovia described the growth as particularly impressive because "the larger a fund domicile is in terms of assets, the harder it is to achieve higher annual percentage growth". When domiciled funds and non-domiciled funds - funds serviced in Dublin but not registered in Ireland - were taken into account, total net assets at June 30th 1999 reached $155.92 billion, held in 1,870 funds.

IDA Ireland said the encyclopaedia was proof of the vitality of the Irish funds market and was "an essential tool for all those interested in the Irish funds industry". The authority's Mr Sean Langdon said it was working on some new initiatives that will ensure the continued growth of both domiciled and non-domiciled funds being administered in Ireland.

Fitzrovia assessed the market shares of the funds' administrators, custodians, auditors and legal advisers. The Dublin operation of Deutsche International showed the strongest growth in both the fund administration and custodian categories. Funds under administration at Deutsche increased by 146 per cent to $19.73 billion. Bank of Ireland produced the second strongest growth with a rise of 107 per cent to $14.3 billion, while AIB/ Bank of New York Fund Management came in third with an 89 per cent increase to $10.8 billion. The AIB/Bank of New York chief manager, Mr Denis Murphy, said he expected "significant growth in new business this year".

In the fund custodian category - a custodian's function is to safeguard shareholders' assets - Deutsche produced a 153 per cent increase in funds to $23.06 billion. Bank of Ireland was again in second place with a 74 per cent increase to $17.12 billion followed by AIB with a 69 per cent rise to $14.85 billion

In the auditor category, PricewaterhouseCoopers was auditor to the largest number of funds with a 20.6 per cent increase to 597 funds, or just more than 50 per cent of all domiciled funds. It was followed by KPMG, which had 349 funds, an increase of 13.3 per cent. Ernst and Young was in third place as auditor to 98 funds, up 42 per cent.

Solicitors Dillon Eustace was legal adviser to the largest number of funds - one in four in the market, with 311 funds in the year to end June from 203 the previous year. Dillon Eustace's Mr David Dillon described the ranking as "a major feather in our cap".

A & L Goodbody was in second place as legal adviser to 236 funds, but its total fell from 286 funds in 1998. Arthur Cox came third with 214 funds, up from 188.