A return to the heady days of voluminous recruitment within Ireland’s fund administration sector is still some way off, but confidence has returned to the sector and (whisper it) jobs opportunities are back again.

State Street and other large firms are starting to bolster their ranks within the fund administration arena again, says Gavin Nangle, head of business development at State Street.

“Things have started to pick up pretty dramatically. We are recruiting and I know some of our competitor firms are hiring too,” he explains.

It’s a similar story at BNY Mellon, where the company expects to add between 50 to 75 people to its 1,200 employees this year on top of natural staff turnover, according Ireland country executive Joe Duffy.

“There is a lot of activity in a number of business lines, including more transactional work and more mandates coming through, and therefore an increasing number of opportunities,” he says.

Currently the company has some 40 vacancies to fill within Ireland, ranging from some entry-level positions to more senior, managing director-level roles, as well as some supervisor and junior manager positions, he adds.

“It is definitely trending upwards at the moment, with both candidates and clients looking for more established names rather than smaller boutiques,” he suggests.

In December, the Irish government brought in new rules, The Companies (Miscellaneous Provisions) Act 2009, designed to make it easier for funds to locate and re-domicile to Ireland.

Minister for Finance Brian Lenihan’s pledge at the same time that he intended to bring forward taxation changes that would “strengthen Ireland’s competitive edge in this important sector” in his forthcoming Finance Bill have also gone down well in the industry.

“Investment managers are getting more confident about launching products, which is a fillip to the industry and there are also more complex products that need to be serviced,” says Nangle.

“It is back office, administrative and custody roles, both at entry level and higher, with a focus on good quality, mid- to senior-level positions and relationship managers,” he adds.