I am in the United States this week on a “road show” promoting the Irish Funds industry.
This is one of the biggest components of the international financial services industry in Ireland, and it employs about 11,000 people, in well paid and highly skilled jobs.
Large numbers of Irish Fund promoters, lawyers, and accountants are taking part in the road show which is taking in Chicago, Boston, New York and California. 53% of the resources managed or administered by funds in Ireland originate in the United States .
The Irish Funds industry operates under EU rules, which are in a process of constant evolution, and a big part of the activity in the road show consists in explaining the latest EU legal developments.
EU rules have the merit that, once complied with, the allow an approved fund to do business throughout the entire EU and in other jurisdictions which apply the EU rules.
Ireland has a number of key strengths as a location for the international funds industry.
One is the depth of expertise available in Ireland in professional firms.
Another is a sophisticated and accessible regulator, in the Irish Central Bank.
A third one is the availability of highly motivated staff, at moderate salaries, in an English speaking country, with easy transport links.