The global trading and transaction services provider launched its new Irish office today, citing plans to grow to 600 employees by 2020.
The trading and transaction services provider currently employs 480 people in Cork, drawing from the area’s “highly skilled and well-educated talent pool”, and engaging with University College Cork and the Cork Institute of Technology to develop its future workforce.
The company said that the expansion shows Cork has become a “vital and successful hub” for its investment funds operations and one of the major locations for Clearstream.
“This is a very special day for Clearstream,” said Stephan Leithner, Clearstream chair and member of the executive board of Deutsche Börse.
“It is more than just the inauguration of a new office, it is a commitment for us and the community to making our business thrive in what is a great ecosystem for funds, leveraging proximity to customers and talent alike.”
Tánaiste Simon Coveney also attended the inauguration event. He said: “When an international company of Clearstream’s stature decides to significantly expand its operations, it shows the potential that Cork offers for companies such as Clearstream to grow, particularly in terms of talent availability, proven track record and the scale of the technology and financial services sector in the region.
“Deutsche Börse Group and Clearstream are valued members of the business community and we are proud of their decision to strengthen their commitment to Cork.”
IDA Ireland’s head of international financial services, Kieran Donoghue, added: “Clearstream is a valued and respected employer in Cork, adding substantially to the local and wider regional economy. Having an international financial services company of this calibre expand its operations in Cork will act as an excellent reference seller for other similar potential investment and enhance Cork’s reputation as a location of choice for such investment.”
Clearstream moved its operations to Navigation Square in June. The move to the city centre brought together teams from its previous two sites at Airport Business Park and Eastgate Business Park.
“Our new office reflects our company culture,” said David Brosnan, head of Clearstream Global Funds Operations and the Cork location. “The new central office provides a platform for our dynamic and innovative staff to work and collaborate with each other.”
In addition to the group’s funds processing operations and product development activities, the newly renovated space also houses administrative functions.
In total, Deutsche Börse expects around 600 employees to work in Cork by 2020.