Luxembourg-based FundRock is the latest fintech funds business to open a Dublin office, aiming to fill 20 positions.
FundRock has opened an Irish office to help build its presence in three of Europe’s major fund centres, with the new Dublin base complementing similar operations in London and Luxembourg.
An independent UCITS (undertakings for collective investment in transferable securities) management company and AIFM (alternative investment fund manager), the company’s shift into Ireland is driven by contemporary political events.
Following the market uncertainty created in the investment management sector post-Brexit, FundRock’s Dublin office will service its global clients, with the company claiming that it will offer “a value-add solution”.
The company is looking to build a team of 20 within the next two years, with Revel Wood, CEO of FundRock, saying that the Dublin site selection was partly driven by client demand.
“The move to Ireland is a crucial part of our long-term strategy and, being a client-led organisation, we have responded to client demand to accommodate their needs, especially those looking to move their funds to Ireland,” he said.
“This expansion into Ireland aligns with our ambition to offer service excellence to a global client base, by providing a value-added solution for all their domestic fund management needs across Europe.”
The creation of this office is the latest such development for this particular area of fintech in the country, with another Luxembourg business, Alter Domus, announcing 60 positions in line with the opening of its second base in the Irish capital last month.
Alter Domus CEO Laurent Vanderweyen claimed that Ireland was an attractive option for the company and that Dublin, in particular, was “already a popular investment-structuring destination for non-European fund managers”.
Meanwhile, yesterday saw almost 100 positions created across seven businesses in Ireland. Dublin is to gain 35 jobs in the trading sector with Citadel Securities, with Cork benefiting from the rest of the positions thanks to the expansion of six companies.
Enterprise Ireland revealed that the companies hiring are: AventaMed, Coolmore Foods, EviView, Intelligent Implants, Rinocloud and Velona Systems.