By Andrew Bushe
DUBLIN — Irish pension managers expect the funds under their control to more than double to £300 billion in the next five years as they top an international league table for investment returns.
Fund managers currently handle a record £142 billion, but Kevin Murphy, chairman of the Irish Association of Investment Managers, told its annual conference recently that this would grow dramatically.
Irish managers have come top of an OECD international league table for real returns on pension fund portfolios in the 14 years to 1998.
The Irish returns were 12.54 percent, compared to 10.35 percent in the UK and 10.49 percent in the U.S.
Murphy said the increased in funds would result from the strong growth in the Irish economy, success in obtaining business from abroad and the move by overseas companies to locate their fund management companies in the Irish Financial Services Center.
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He said that last year assets managed on behalf of Irish residents grew by 20 percent to £58 billion and growth in international client business was 70 percent to £84 billion.