If Irish fund administration professionals find the prospect of stunning scenery, a close proximity to the All Blacks and being outnumbered 13 to one by sheep an appealing prospect, good news is on the horizon. New Zealand is making a play to become a bigger player in the sector.

The New Zealand government has this month published a discussion paper looking into how the country can grab a bigger slice of the fund administration pie from the likes of Dublin, Luxembourg and the Cayman Islands.

It’s doubtful whether Dublin should be too worried. Major global custodians are already based in the Irish capital, attracted by the rich supplies of fund admin talent, the low cost of doing business and close proximity to other major European financial centres.

But NZ has its selling points, not least of which is the low cost of doing business and its Asia-Pacific location.

“There are opportunities to use New Zealand as a back office for hedge fund administration as its business day begins just as Wall Street’s closes,” Stephen Abletshauser, founding partner of Palladium Trust Services told Financial News.

“This means that NAVs can be immediately processed during the US evening and reported the following morning, a day quicker than using an administrator in Ireland or Luxembourg, for example.”

Should the industry grow, it’s also going to need adequate supplies of manpower, and this could present opportunities to Dublin-based fund administrators.

“A lot of people are currently looking for a stable career within a strong company, as well as the opportunity for career progression and simply a change of scenery. I think New Zealand would be an appealing prospect,” says James Hayes, manager – banking and financial services at Robert Walters in Ireland.

“Fund administration professionals have typically looked to Australia for a few years’ experience before returning to Ireland, so a move to New Zealand wouldn’t be a beyond the realms of possibility,” adds Fintan Lawler, banking and financial services consultant at Hudson in Ireland.