Irish Funds, the representative body for the global cross-border investment funds industry in Ireland, said net sales across all fund types stood at a record €298 billion in 2017.

This new record level is the highest net sales ever of Irish domiciled funds and is more than twice the amount of the previous record in 2016.

It also represents over 30% of net sales of all European funds. 

Ireland is the domicile for 5% of worldwide investment fund assets, making it second largest centre in Europe. 

Irish Funds, which holds its annual conference today in Dublin, said the Irish funds industry continues to go from strength to strength and is the fastest growing of the five largest fund domiciles in Europe over the last five years.

Finance Minister Paschal Donohoe said the funds industry has been a successful and significant element of the Irish financial services landscape for many years. 

"This success has been underpinned by changes in the legislative landscape that have made Ireland an attractive domicile for promoters in Hong Kong and Asia, across Europe, the US and beyond," Mr Donohoe said. 

He added that the country's regulatory regime provides a robust and consistent approach to the supervision that promotes confidence in Ireland as a location for investment funds.

Irish Funds also said today as the Brexit negotiations continue, they are continuing to see managers from around the globe looking at domiciling their funds in Ireland. 

A total of 450 delegates from 18 different countries are attending today's event - the association's 20th conference.

"This is a clear signal that Ireland continues to be the destination of choice for asset managers distributing funds globally, but also a timely reminder that we must continue to create innovative solutions to global challenges - which is the theme of this year's conference," commented Pat Lardner, Irish Funds' chief executive. 

"We look forward to continuing to work with Government, policy setters and our industry to build on this success and deliver those solutions," the CEO added.