The Irish funds industry will generate around 711 jobs by the end of the year, including roles in IT and business support, according to the Irish Funds Industry Association (IFIA).
At the IFIA’s AGM, it was also revealed there was a 5pc increase in employment in the industry during 2010 creating 432 new jobs, according to a HR survey of the IFIA’s member firms.
This means that in the two-year period from the start of 2010 to the end of 2011 the Irish funds industry will have created 1,143 new jobs in Ireland – bringing total employment to 12,500.
On top of the jobs predicted in the survey, there are more coming from Deutsche Bank and Apex Fund Services. Deutsche Bank is to move its entire European hedge fund administration operation to Dublin and create a European centre of excellence for hedge funds in the IFSC recruiting between 75-100 people by the end of the year.
Apex Fund Services made an announcement recently that it was to create 50 new positions in Dublin.
The jobs created by the funds industry encompass a variety of positions, from fund accountants/administrators; transfer agency, custody and trustee; client relationship manager; and legal, accounting and tax advisory roles. The remainder of jobs embrace a large number of roles, from compliance to IT and HR, to business support.
Funds industry reaching all-time highs
Ken Owens, asset management partner at PwC, new chairman of the IFIA, pointed out that in 2010 the funds industry reached all-time highs with funds under administration of €1.87trn – a 34pc year-on-year increase, up from €1.4trn at the end of 2009.
“Despite the economic crisis, funds have proved extremely resilient, with improved returns and asset values. It is reassuring that we are now seeing an increase in the level of fund activity in Ireland, particularly with the increased interest in EU-domiciled products,” he said.
“And with the level of assets rising and new funds being authorised, we have seen the demand for funds servicing show a healthy increase over the last year, with major funds servicing companies expanding their activities in both Dublin and throughout the country.”