Irish-domiciled funds grew by 6.4 per cent in 2015 with the sector valued at $2.6 trillion at the end of June, a new study from Monterey Insight shows.

According to the research the total number of sub-funds reached 7,283 this year, up from 7,057 a year earlier. Of these, 4,304 were domiciled in Ireland, as against 4,048 in 2014.

Over 680 Irish schemes and sub-funds were launched during the year representing $89.6 billion of which, 35 sub-funds totalled US$45.6 billion. The overall amount of new Irish schemes (which also includes new sub-funds in existing umbrellas) amounted to $20.1 billion with a total of 194 sub-funds.

State Street Fund Services had the largest market share for fund assets under administration at $676.2 billion. BNY Mellon ranked second at $418.7 billion, followed by Northern Trust and JP Morgan at $338.3 billion and $311 billion respectively.

PwC continued to be the leading auditor for funds serviced in Ireland, auditing a total of 2,584 funds. KPMG was ranked second with 1,348 funds, followed by EY with 1,203 funds and Deloitte with 911 funds.

Maples & Calder ranked first among legal advisers in Ireland providing advice to 1,269 funds. Dillon Eustace was in second place with 1,119 funds.

"This year was marked by individual and scattered performances. In excess of 75 new asset managers have chosen Ireland to establish their funds, as a result 119 new umbrellas serviced in Ireland (domiciled and non-domiciled schemes) have been launched, totalling over 150 sub-funds with $10.3billion," said Karine Pacary, managing director at Monterey Insight

“It is pleasing to see the Irish Fund Industry continuing to attract new business in an evolving regulatory environment,” she added.