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Ireland’s fund admin industry is hiring! Or is it?

Now hiring

There’s been a rush of recruitment in Ireland’s fund administration industry of late. Firstly Fidelity said it was creating 300 IT jobs related to fund administratoin in Ireland, then Butterfield Fulcrum (a leading fund admin company) said it was creating 150. Back in September, Northern Trust said it was planning to hire another 400 people between now and 2017.

Does this mean you can find a job in Ireland’s fund administration sector easily?

It certainly looks promising.

Eimear Walsh, from recruitment firm Brightwater, says there was little movement in the  fund admin industry in 2009/2010, but that hiring picked up in the second half of 2011 and has increased steadily throughout 2012. “Many of our key clients are predicting this growth will continue into 2013,” says Walsh.

Angela Madden, from the Irish Funds Industry Association (IFIA), agrees that “there is growth throughout the industry.” The IFIA’s figures indicate that there are currently around 12,500 people employed in the Irish Fund Administration Industry. More than 400 of these were created in 2010, and around 1,200 were created in 2011. Madden points out that Ireland is “still number one in the world in terms of alternative assets (more than 40%).”

Even as Ireland’s banking industry has shrunk, fund administration has therefore grown, with major international players settling in the country. In late 2010, Citi announced 250 new Irish fund admin jobs. Then, in 2011, Apex, one of the world’s largest fund administrators, created 60 new jobs. Also in 2011, Deutsche Bank moved its entire European Hedge Fund Admin Operation to Dublin, and added nearly 100 employees.

This trend has continued in 2012 – and it’s not just Fidelity, Butterfield Fulcrum and Northern Trust. In May, Augentius Fund Administration, a London based financial services firm, confirmed that it will be creating 164 new jobs in Belfast by end of 2014. In October, HedgeServ, a global hedge fund administrator, announced the creation of 300 jobs in Dublin. This month, November, Amanie Advisors Ltd, a Malaysian Finance Advisory Company said its deal origination will be managed from Dublin, and opened new offices there.

Who’s being hired?

Walsh says there positions for both senior and junior fund accountants and for investor services specialists with experience in both mutual funds and hedge funds, as well as vacancies for project managers, investors services professionals and financial reporting specialists,.

There are already talent shortages emerging. As there were few opportunities in Ireland’s fund admin industry in 2009 and early 2010, Walsh says candidates with 2-3 years’ experience are proving hard to come by.


Comments (1)

  1. There are and have been very few, if any senior level positions, in the funds industry in recent years. This continues to demonstrate that while Ireland is a significant player in the funds business, the overwhelming majority of roles that are advertised are for junior to mid-level, and some senior, fund accountants, T/A specialists, and the like. And while it is an excellent story, the truth is that Ireland is not a “decision-making” hub for the vast majority of foreign firms. For example there are and continue to be precious few business/product development, relationship management and other senior/directorial roles ever advertised by these firms and for which “local” employees can apply. These same firms tend to either retain these senior, decision-making roles in their HQ’s in other jurisdictions, or put “their person” into that senior role locally. Until these organisations are prepared to delegate key decision-making responsibility to Ireland, then it will always be the case that the Irish finds industry will be primarily a back and middle office administration hub – albeit very good at providing this type of service.

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