Ireland confirmed as Europe’s top location for fund processing automation
A report from the European Fund and Asset Management Association (EFAMA), in collaboration with SWIFT, has found Ireland to be Europe’s leading jurisdiction in fund processing standardisation.
The Irish Funds Industry Association believes the findings demonstrate Ireland’s commitment to move away from manual processes and offer funds a superior environment to domicile ahead of the AIFMD deadline in July 2014.
The report found that the total rate of automation in Ireland in Q4 2013 stood at 85.6%, (a +0.3% rise compared to Q4 2012), and well ahead of other jurisdictions in Europe. The report also found growth in the number of orders processed with the 10 Irish transfer agents interviewed for the survey reporting a combined total of 9.5 million orders processed in 2013, which works out at an average of 0.79 million monthly orders - up by 17% compared to 2012.
This is the latest in a growing body of evidence which confirms Ireland as one of the leading domiciles for funds in the world. With over 3,400 professionals employed exclusively in serving the investment industry, Ireland has developed as a centre of excellence with world class infrastructure and support in servicing, depositary, governance, legal, audit and tax.
Pat Lardner, CEO of the Irish Funds Industry Association, says: “The findings of this report are great news for the industry and the managers we serve. It proves that not only does Ireland have first class infrastructure for funds but that Ireland is the European leader in adopting technology and driving innovative ways of helping funds. The report also shows that there is a year-on-year increase in automation and volume of orders processed. Again this is testament to the ever increasing quality of fund infrastructure in Ireland and has been vital in the run up to the deadline to AIFMD in helping funds adapt to the new legislation.
“The IFIA and its members continue to work with fund managers, companies and organisations that support them to make Ireland the most competitive jurisdiction for funds.”
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