OV E RV I E W
Growth and substance in troubled times By A. Paris
T
he Irish funds industry has demonstrated its resilience as it continues to navigate the Covid-19 pandemic with its head held high. Despite the global market turbulence, Ireland continued to benefit from the Brexit fallout as large global managers chose to open operations in the jurisdiction and Ireland’s commitment to ESG growth is sustained. Cohen & Steers and M7 Real Estate announced the launch of their Dublin offices in May this year, joining other global names like Eaton Vance, Mediolanum Group and Manulife, which opened their Dublin doors at the back end of 2019. In a statement, John Murnaghan, Head of UK and Ireland at M7, says: “Ireland has been one of the strongest performing economies in Europe over the last few years and a key market for M7.” According to Cohen & Steers, the 6
establishment of its Irish contingent strengthens its European presence. “The company will expand Cohen & Steers’ capability to distribute the firm’s European fund range in the EU while ensuring uninterrupted service for its European institutional and wealth management advisory business post-Brexit,” the firm announced. The cautious optimism seen across the funds industry, as fund sales “bounced back” between March and May 2020, is echoing in the broader Irish economy. Commenting on the results of the Grant Thornton International Business Report (IBR), Michael McAteer, Managing Partner of Grant Thornton Ireland, said: “Encouragingly a small number of Irish firms anticipate a positive impact of Covid-19 on their 2020 revenues (16.4%) with a further 19.7% not expecting to see any change at all in their revenue this year and just 23% predicting a revenue decrease of 20% of more. IRELAND FUND SERVICES IN FOCUS | Oct 2020
