As expanding firms look for new locations outside of Dublin, Belfast is being touted as a new financial services centre.

In July, Bank of Ireland Securities Services (BOISS) opened a Belfast office for foreign hedge fund administration in which it eventually plans to employ 149 people. BOISS says 10% of its workforce south of the border come from Northern Ireland, so it sees no problem filling the spaces with workers keen to return home.

“There is a tremendous buzz about Belfast at the moment,” says Liam Manahan, managing director of BOISS. “Ten years ago, you could look out your window to see cars burning in the street, but the turnaround in the city has been tremendous.”

Having a presence in Belfast allows BOISS to develop greater links with universities there and to tap into the emerging graduate pool. Currently, most graduates with financial degrees head south to Dublin, where most of the financial services jobs are, but Manahan reckons this will change.

“I think a lot of people will follow to Belfast, and we would welcome the competition,” he says. “The more people are here, the more credible it becomes as a financial centre and the more influence we can have on how universities produce their graduates.”

State Street, which currently has offices in Dublin and Kilkenny, says it has no plans to make the move up north at the moment. However, Gavin Nangles, head of business development at the firm, says: “There does appear to be a good pool of talent in Belfast. The fact that offshore hedge fund administration is growing may spur others to move to Northern Ireland.”