AIB/BNY Fund Management (Ireland) Limited has announced that it has been ranked the fastest growing of the leading fund administrators in Dublin.

The fund management company is a joint venture between AIB and the Bank of New York. It jumped from fourth to second place in the Fitzrovia rankings based on assets under administration. These were $30.8 billion (€35.9 billion) as of June. This represents an increase of 152 per cent from the previous year.

AIB/BNY provides fund administration services, including fully integrated fund accounting, fund administration and transfer agent services. Mr Colm Doherty, managing director of AIB Capital Markets said since these figures were compiled AIB/BNY has grown further to $42 billion under administration.

"When we formed AIB/BNY in 1994, we did not envisage then that we would now have 200 staff in the IFSC and would be operating a two-shift day to service customers in US and European time zones", he said.