Can Ireland's funds industry survive a recession?

After months of knocking on death's door, the Celtic Tiger has finally flat-lined and, it's official, we're in a recession. Two months of negative growth means Ireland must relinquish its position as top dog of the eurozone economies.

The success of Ireland's funds industry over the past five years has largely been independent of the booming economy and many would argue the two are not connected, considering a large proportion of funds business comes from overseas.

Still, is the sector robust enough to weather the twin storms of global financial market turmoil and a shrinking domestic economy? Or, after years of astronomical growth, could assets actually start to fall?

Are the glory days over for fund administration? Is the upward surge of assets under administration set to level out, or even drop? You thoughts would be gratefully received...