The Irish economy is now perfectly poised to become a leading player in the trillion-dollar global industry of asset management, according to the findings of a Government task force on asset management.

Mr Gavin Caldwell, chairman of the Asset Management Task Force and chief executive of KBC Asset Management, said there was already more than €220 billion of assets under management in Ireland, with 5,000 workers administering €500 billion.

And new access to Chartered Financial Analyst (CFA) courses in the Republic means the State is well on the way to providing a highly skilled workforce to meet growth in the sector when it comes.

The CFA qualification is effectively a prerequisite to work in the industry. Recently, the Irish Society of Investment Analysts became a chapter of the Association for Investment Management and Research and as a result can offer the three-year CFA course to students based in Ireland.

Added to that development, Ireland's low rate of corporate tax and strong regulatory framework should prove enough to attract added asset management business to this country, Mr Caldwell said,

He claims building the asset-management sector will prove a driver for the rest of the economy.

"More international stockbroking companies will locate here and that will be good for the rest of the economy," he said. "Growth in the sector will mean Ireland will move up the quality chain."