Some 711 Jobs are to be created in the Irish funds industry by the year end, it was announced this morning (Friday, May 20) at the AGM of the Irish Funds Industry Association (IFIA).
It was also revealed that the industry saw a 5 per cent increase in employment during 2010 creating 432 new jobs, according to a HR survey of the IFIA’s member firms.
This means that in the two year period from the start of 2010 to the end of 2011 the Irish funds industry will have created 1143 new jobs in Ireland – bringing total employment to 12,500.
In fact, the industry looks set to create even more jobs than expected as it was recently revealed that IFIA member company Deutsche Bank is to move its entire European hedge fund administration operation to Dublin and create a European centre of excellence for hedge funds in the IFSC recruiting between 75-100 people by the end of the year.
This news follows a recent announcement that Apex was to create 50 new positions in Dublin.
Both Deutsche Bank’s and Apex’s new jobs are in addition to the more than 700 revealed in the survey.
The jobs created by the funds industry encompass a variety of positions from fund accountants/administrators; transfer agency, custody and trustee; client relationship manager; legal, accounting and tax advisory roles. The remainder of jobs embrace a large number of roles from compliance to IT and HR to business support.
The survey results were announced by Ken Owens, Asset Management Partner at PWC, as he officially took up the role of Chairperson of the association. He takes over from Carin Bryans, MD of JP Morgan in Ireland.
He pointed out that in 2010 the industry reached all time highs with funds under administration of €1.87 trillion – a 34% year on year increase, up from €1.4 trillion at the end of 2009.
Mr 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.”
Gary Palmer, Chief Executive of the IFIA, highlighted that the growth the industry in Ireland recorded during 2010 was considerably greater than any other comparable fund jurisdiction and noted that this achievement “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 added: “And we expect this growth to continue.”
Demonstrating the significance of the industry in contributing to the economy an Taoiseach Enda Kenny has confirmed he will address the IFIA’s Global Annual Investment Conference in Dublin on June 2. This is the first time the new Taoiseach will speak directly to a financial audience of this kind since his election.
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