The Numbers
The Irish Funds Industry has become a sector of national importance, extending well beyond the IFSC in Dublin over the past few years. According to statistics provided by the Irish Funds Industry Association, there are over 17,000 people employed directly in the funds and asset management industry in Ireland, with over 34,000 of a total employment impact across the country. The investment funds and asset management industry is a major contributor to the Irish economy, providing high-skilled employment opportunities.
Increasingly, Ireland has become a go-to destination for UK and US fund managers. The Irish Funds industry is well-established as a leading European domicile and continues to be a good fit for UK and US fund managers who are distributing funds across Europe.
The Companies
The most recent edition of the EY Financial Services Brexit Tracker, published in the spring of last year, revealed that 97 out of 222 of the largest UK financial services firms have announced plans to move some of their UK operations and/or staff to the EU since the referendum in 2016. In addition, 24 firms had publicly declared their intention to transfer more than £1.3 trillion of UK assets to the EU. Wealth and asset managers have primarily chosen Dublin (18 companies) and Luxembourg (14 companies), while Frankfurt and Paris are the most popular relocation destinations for the banking sector, attracting 19 and 15 investment banks, respectively.
The People
One of the key factors for the growth of the Irish Funds industry over the past few years is its people. The industry has managed to continue its growth by offering a deep talent pool, and an ever-evolving technical skill set including risk and compliance, as well as English being the first language. These factors combined allow Ireland to be a natural landing ground for fund managers.
With over 8 years of specialist recruitment experience in the funds and asset management space in Ireland, we are expertly positioned to help you make the next move in your career. Whether you work in a fund administrator, investment manager, or management company in a back, middle, or front-office environment, here at Fortis, we can map out your options available in the market. Reach out to Jamie today for a confidential discussion about the next steps in your career.
