After a spate of redundancies over the last 18 months, the hedge fund administration space in Ireland has undergone a change of fortunes and most major players are looking to add to their ranks again.

Hedge fund assets under administration have now swelled to over $2trillion, according to the 2009 Q4 HFN Hedge Fund Administrator Survey. As Ireland undertakes around 45% of global hedge fund accounting, it has of course benefited.

Gavin Nangle, head of business development at State Street in Ireland, says: “There’s a material move towards external hedge fund administration following scandals like the Madoff case, and more regulatory products – such as Ucits compliant funds – have been created recently. Both of these are positives for employment prospects in Ireland.”

Big players like State Street, JPMorgan and BNY Mellon are all recruiting hedge fund accountants currently, and there are also opportunities within smaller firms such as Apex Fund Services.

BNY Mellon’s acquisition of PNC Global Investment Services business this month has also given it a larger footprint in Ireland, where it now employs 1,700 people.

“A rush of new business is creating demand for both hedge fund accountants and business change professionals,” says Anne Keys, director of Irish recruiters The Panel. “We’re seeing roles at the mid- to senior-end – those that pay between €40-100k – but there are still few opportunities for juniors or executives. But compared to this time last year, it’s much more positive.”

Nangle believes that Ireland’s reputation for more complex fund administration activities will drive demand for those with experience of hedge funds, private equity and derivatives pricing.