Dublin has some home-grown competition: fund administrators are setting up shop in other areas of Ireland.

The Irish capital has established itself as a centre for fund administration over the last 10 years, and while this position looks unlikely to change, other cities in the country are growing in appeal.

Cork is the obvious alternative, but firms have set up offices in Kilkenny, Limerick and Waterford.

Northern Trust, which employs 480 in its Dublin office, has started an office in Limerick. Fifty five people currently work there, but, says general manager Melissa Mueller, it has plans to raise that number to 300 over the next three years.

“People who have moved here from the Dublin office are people who lived here originally, or are looking for a quieter life. It’s a question of work-life balance,” she says.

Bisys, now part of Citi, has opened a Waterford office, which it claims will become 250-strong over the coming years. Citco has an 85-person team in its office in Cork, and State Street has a Kilkenny operation.

Fortis also has a Galway office, which it claims benefits from lower costs and negligible staff turnover.

But can firms persuade staff to move out to the sticks? Paul Cotter, managing director of Joslin Rowe, thinks it might be tricky: “Getting people in Dublin is a challenge; I think they might struggle to get people out in other areas.”

Marcus Kelly, managing director at recruiter FK International, doesn’t think Dublin has anything to worry about: “There is a critical mass of expertise in Dublin, which it has taken a long time to amass. There is some degree of geographical spread, but I don’t think Dublin will haemorrhage.”

Northern Trust’s Mueller agrees that the capital will keep the top spot: “We’re in Dublin to stay, but it’s nice that we can offer employees two different types of world to work in and have a good career,” she says.

However, the Irish countryside is not the only competitor on Dublin’s doorstep. Bank of Ireland’s hedge fund administration arm, BOISS, is looking north to tap talent. It opened a new Belfast office in July and aims to create 149 new jobs in the city over the next five years.

Brian Goggin, group chief executive of Bank of Ireland, says: “A major factor in our decision to locate our new securities services business in Belfast reflects the quality of professional people in the marketplace and our existing strong links with the universities here as a result of placement programmes.” With talent scarce south of the border, Dublin would do well to take note.