The funds industry in Ireland grew by 35% to $1.6 trillion over the last year, and three out of four funds administration companies expect revenue growth to exceed 20% next year.
Assets under administration are expected to reach $2 trillion in 2008, according to the latest Deloitte Fund Administration Survey.
The survey says that there is great optimism for the future growth of the industry despite the current global credit crisis. 90% of the survey's respondents think there will be little or no impact in the short term, while 95% see little or no long-term impact.
The growth has com from several sources, the survey says, with hedge funds the main driver.
The main challenges to the industry include cost containment and productivity.
'The funds industry is the biggest success story since the inception of the IFSC and the industry expects that growth to continue,' commented Brian Forrester, Financial Services Partner at Deloitte.
