The value of Irish domiciled funds rose by 25 per cent to stand at nearly €1.8 trillion at the end of 2014 following a record year of inflows.

The number of funds domiciled in Ireland has jumped in recent years, attracted in part by the State's low tax base .

Irish Funds, the umbrella group for the industry, said the strong growth witnessed in 2014 had continued into this year, with assets growing by a further €234 billion in the first quarter, bringing value of funds domiciled here to nearly €2 trillion.

At the group's annual conference in Dublin today, chief executive Pat Lardner said: "These latest figures reflect a record period of growth and represent a significant milestone for the Irish Funds industry."

"By working closely with the Government, the Central Bank and the wider funds community, we are together continuing to build one of the most competitive locations for the regulated funds industry in Europe and the world."

Also speaking at the Conference, Minister of State at the Department of Finance, Simon Harris said: "A robust and resilient Funds' industry is essential to hi-skill and hi-value employment growth. Government must be attuned and responsive to opportunities that ensure Ireland continues to be a leading international funds' domicile."