Irish financial services professionals may have one reason to thank the recession – the cheaper cost of business is attracting some international firms, which are creating front office jobs.

Cantor Fitzgerald, the brokerage firm, is on the cusp of acquiring an as yet unnamed brokerage firm in Ireland as part of its equity trading expansion, according to the Wall Street Journal.

In a sector that has already seen some consolidation and upheaval in the last six months – Goodbody’s sale to Fexco and Merrion Capital’s restructuring, for instance – the move could be viewed as a much-needed confidence boost for the sector.

But stockbrokers in Ireland are still hiring currently, says Eoin Blake, director of financial headhunters Lincoln Search & Selection.

“Most stockbrokers have been hiring people with European and international equities experience, as they move away from their traditional Irish focus,” he says.

Moreover, while much has been made of Ireland’s appeal as a start-up nirvana for tech firms, the lower cost of doing business is attracting financial services firms.

“We’re working with a number of asset managers and stockbrokers looking to base their European equities business in Ireland,” says Colin McGhee, managing director of Paragon Executive Search. “The infrastructure and the talent is still here, but the cost of doing business has decreased dramatically.”

He adds that one US asset manager is currently in the final stages of kick-starting a new Irish operation, which will eventually see 15 front office roles created.