Minister Eoghan Murphy speaking at the Willis Towers Watson announcement in Cork, 3rd February 2017
As Ireland’s second city-region, with a population of just over half a million, Cork has a strong pro-business environment and an excellent track record in attracting investment (over 150 overseas companies employ in excess of 33,000 people in the region). The IFS sector in Cork has grown over the past ten years, and there is now a significant cluster of companies in the region that represent a broad spectrum of financial services disciplines including: back office processing; fund administration; transfer agency; middle office settlements; distribution and asset servicing; trustee/depository; risk & compliance; financial reporting & audit; asset management operations.
One third of IFS jobs are currently outside Dublin in what has truly become a national industry and there is huge potential for regional locations to play a significant role in supporting and driving the growth of the IFS sector in Ireland. Cork is Ireland’s second largest financial services centre, home to a cluster of companies that represent the broadest range of FS disciplines of any city outside the capital. A number of significant international companies such as BNY Mellon and Citco have been operating in Cork for over 10 years, and these are being joined by a growing number of new and expanding FS operations, with two announcements already made in the first quarter of 2017.
In February, Willis Towers Watson announced plans to create up to 40 roles in areas such as asset management operations, service provider oversight, risk & data management, investor on-boarding, compliance, and accounting over the next few years. Towers Watson Investment Management Ireland (TWIMI), a subsidiary of Willis Towers Watson, currently acts as an Alternative Investment Funds Manager (AIFM) in Ireland with assets under management exceeding EUR 6 billion. The following month Alter Domus, a leading provider of Fund and Corporate Services, announced the opening of its second office in Ireland and an International Centre of Excellence in Cork with 60 new jobs expected to be created.
