Ireland has ambitions to expand its role within the fund administration sector, and believes its reputation as a regulated funds centre will give it an advantage. However, jobs have yet to be created as a result.

John Hamrock, a member of consultancy Kenetic’s regulatory consulting practice, says Irish fund administrators are already benefitting from a flight to more regulated jurisdictions as clients seek to escape market turmoil.

“Funds need administrative support that provides robust oversight, industry ruling for best practices, and quality service from blue chip providers – all of which are key areas that the Irish fund centre emphasizes,” he says.

Gary Palmer, chief executive officer of the Irish Funds Industry Association takes a similarly bullish stance.

“2009 will be the year of the regulated investment product,” he says. “Fund manager clients who have started recently are being pressured by risk averse investors to use regulated jurisdictions.”

But in spite of the rumblings that Ireland could be about to see an increase in new players and fund admin work, there are no jobs. Most fund administrators are still locked into a recruitment freeze.

“The whole funds industry has been incredibly quiet over the last nine to 12 months,” says Robin Craig, director of recruiters Careers Compass. “There’s been a lot of talk that Ireland is pushing to secure its status as a fund centre, but this has yet to transfer into jobs.”

Paul Cotter, director of Cotter Personnel, adds: “Until firms start to see increased business volumes again, they just don’t have an appetite to hire. What’s more, people are focusing on job security and are increasingly reluctant to move.”

It’s not entirely dead though. Source UK, a joint venture between Goldman Sachs, Morgan Stanley and Bank of America/Merrill Lynch, has chosen to domicile a new range of funds in Ireland.

Bank of Ireland Securities Services, the administrator for the funds, says this has already created some jobs and could mean “a lot” more going forward.