Total assets under administration in Ireland have hit an all time high of EUR1.8trn – up from EUR1.2trn at the same period last year and EUR1.4trn at the end of 2009.

Recently published figures from the Central Bank reported that the value of Irish domiciled investment funds had reached EUR899bn as at the end of August.

Representing a 20 per cent increase in the value of Irish domiciled investment funds since the beginning of 2010 and an increase of 27 per cent from the same time last year, EUR899bn sets a new high for the total value of Irish domiciled funds which now well exceeds the previously reported high of EUR850bn in October 2007.

Coupled with the EUR939bn being serviced in non Irish domiciled funds, the industry - measured by assets under administration - is now EUR1,837bn and fast approaching the EUR2trn mark.

The figures also show that the quarter to the end of June was the fourth consecutive quarter to experience growth in total assets under administration.

Gary Palmer, chief executive of the Irish Funds Industry Association, says: “This is excellent news and demonstrates that the quality of the offering in Ireland is second to none and continues to attract investment from around the world.”