Job Growth within the Irish Funds Sector
Ireland has been a topic of vast financial change over the past decade and a focal area of growth has been the Funds Sector, which has transitioned through its own challenges since 2008. As the Fund Management Industry has changed through expansion into new markets, funds merging or closing, and most recently in the rise of Brexit; new opportunities await.
Companies are continuously seeking specialist knowledge and expertise across various asset classes, where leading organizations are developing concentrated units to align with the ever changing regulatory landscape. Right now, we are looking at an increased interest for all level Fund Accountants, specifically those with specialist experience in Hedge and Private Equity, which will continue to progress through 2018, where 40% of global hedge funds are now administered here in Ireland.
These specialist areas will stimulate salary levels, likely due to an incursion of more specialist Fund Administrators and Investment management companies; calling for experienced candidates in compliance, regulatory reporting, middle office and data governance. Significant changes have occurred in recent years in the Irish Fund administration Industry, as a number of global banks deviated away from direct ownership of fund administration companies, e.g. Citibank, UBS, and Credit Suisse as well as others.
“Britain’s difficulty is Ireland’s Opportunity”
How could we predict that 19 months ago this aphorism would become so pertinent today; although keeping in mind the emergence of Brexit poses struggles that could present on a much wider scale for Ireland and the rest of Europe. However, with this comes opportunities for Ireland and others, and gaps are beginning to open up in our various markets.
Expansion & Growth
Our Financial sector in particular is burgeoning in the midst of change and transformation, and very recently our Funds sector announced a spurt of job growth, with Carne creating a midpoint of merit in Kilkenny for its Global Fund Management business. Carne currently employs 150 people multiple countries and are hiring 50 more at its new centre of excellence in Kilkenny city.It was later declared by Carnes founder that these opportunities were generated primarily due to the emergence of Brexit, with uncertainty in UK based operations and their plans to safe guard their movements to continue to cultivate European trade.
“Some of them will set up in Ireland themselves but a lot of them will decide to use Carne as their solution going forward.” (John Donoghue, 2017: Carne founder). A key point made by John Donohoe, who founded Carne in 2004 and now sees the company employing 150 people in Ireland, New York, London, the Channel Islands , Chicago, Luxembourg and Switzerland, was that “the talent that’s available in the region” is the reason Kilkenny was chosen for the new base.
As Brexit continues to shape change, Irish Funds are seeing managers globally aiming to domicile their funds here in Ireland. Currently, over 880 fund managers from 50+ countries have funds domiciled or administered in Ireland and 17 of the top 20 global asset managers have Irish domiciled funds.
Ireland has immovably established itself as a dominant harbour for a wide range of funds and structures, and this growth is only set to continue to prosper over the coming years.