Commercial law firm DIllon Eustace's asset management and investment funds team has been ranked as the leading legal advisor to Irish-domiciled funds in the 2024 Monterey Insight Ireland Fund Report.
The report surveys all funds domiciled in Ireland, the UK, Luxembourg, Jersey and Guernsey and their service providers. Overall, the market share of Irish domiciled and serviced funds increased 15.8% to €6.1bn in 2024
Dillon Eustace, which serviced 1,473 funds, 64 more than second-placed Matheson, has one of the largest and longest standing asset management and investment funds practices in Ireland.
Its team works across all product types, including traditions UCITS, ETFs, money market funds and alternative UCITS as well as alternative investment funds such as hedge, funds of funds, real estate, infrastructure, loan and private equity funds.
The firm advises on product design, authorisation, migration, listing, marketing, contract negotiation as well as general legal, tax and regulatory compliance issues.
Dillon Eustace was also top ranked in the categories for New Business within Irish Domiciled Sub-Funds, legal advisors of domiciled funds by promoters/initiators, and New Business Funds Gained during the Year.
Commenting on the rankings, Etain de Valera, partner and head of the asset management and investment funds department, said the firm was "very pleased to have retained [its] position as No.1 legal advisor to Irish domiciled funds.
"These numbers are a testament to the knowledge and expertise of our market leading asset management team as well as the quality of our services.
"We put our clients at the centre of what we do and our reputation for delivering excellent, responsive and pragmatic legal advice continues to contribute to our growth year on year.
"Despite the recent global uncertainty, Ireland as a jurisdiction has rightfully maintained its position as a centre of excellence for investment funds and we are delighted to be able to play a part in this."
Last year, the total number of funds and sub-funds serviced in Ireland increased by 1.5%, while the assets of Irish-domiciled funds increased by 15.9% in dollars and 18% in euro compared to 2023. During this period, the number of Irish funds and sub-funds grew by 2.8%.
There were some 4,877 serviced funds in Ireland and a further 11,891 serviced sub-funds domiciled in Ireland in 2024.
de Valera said that Dillon Eustace expects to see the continued rise of ETFs and further growth in the establishment of private assets funds in 2025.
"We believe Ireland will continue to leverage off the breadth of experience available in the Irish market in servicing these asset classes, as well as the more traditional asset classes, to stay at the forefront of the global asset management industry," she added.
Photo: Etain de Valera. (Pic: Supplied)
