Irish-based fund firms to add 700 jobs

MORE than 700 jobs will be created this year at Irish-based fund services companies.

According to the Irish Funds Industry Association (IFIA), in addition to this Deutsche Bank will create around 100 jobs by moving its European hedge fund administration to Dublin, while Apex Fund Services Ireland is to hire 50 people.

Funds under administration in Ireland rose 34% to an all-time high of €1.87 trillion last year.

At the AGM of IFIA yesterday, it was also revealed that the industry saw a 5% rise in employment during 2010 creating 432 jobs.

This means that, from the start of 2010 to the end of 2011, the Irish funds industry will have created 1,143 jobs in Ireland, bringing total employment to 12,500.

Asset management partner at PWC and chairperson of the association, Ken Owens, said: “Despite the economic crisis, funds have proved extremely resilient with improved returns and asset values. It is reassuring that we are now seeing an increase in the level of fund activity in Ireland, particularly with the increased interest in EU domiciled products.

“And with the level of assets rising and new funds being authorised we have seen the demand for funds servicing show a healthy increase over the last year, with major funds servicing companies expanding their activities in both Dublin and throughout the country.”

The jobs created by the funds industry include fund accountants/administrators, transfer agency, custody and trustee, client relationship manager, legal, accounting and tax advisory roles.

Chief executive of the IFIA, Gary Palmer, said the growth of the industry in Ireland last year was considerably greater than any other comparable fund jurisdiction, and this “underlines the experience, expertise and global reach of Ireland as a leading funds domicile and the world’s number one centre for the administration of investment funds”. He said they expect this growth to continue.

Taoiseach Enda Kenny is to address IFIA’s global annual investment conference in Dublin on June 2.

The IFIA has around 100 member and associate member firms.