12 June 2017
Limerick
Reporter: Drew Nicol

Northern Trust commits to Ireland


Northern Trust has committed to expanding its operations in Ireland with the addition of 400 new roles over the next five years.

Details on what areas of the business will be expanded are expected to be released in the near future. It is the fourth time the bank has significantly invested in its operations in Limerick.

The UK’s Brexit vote was not directly cited as a factor, but Ireland’s minister for finance, Michael Noonan, noted that the decision to do so was taken late last year, when the UK appeared to be pursuing a so-called hard Brexit, which would see it lose its financial services passporting rights, lessening the attractiveness of London as a base of operations.

Noonan said: “Northern Trust has had a presence in Limerick for a number of years and are now expanding their presence here further. I’m very proud of this endorsement of the people of Limerick. The access to markets, the skilled workforce and the quality of life in this region I’m sure are all positive influences in this decision.”

“In the wake of Brexit it’s important that we continue to add jobs to the local economy and having met with Northern Trust in London late last year, I’m grateful that they see Limerick as a key part of their future plans for their operations in Europe. I wish the company and all of their people further success in all of their endeavours.”

Catherine Duffy, general manager for Northern Trust’s Limerick office, said: “Limerick is a fund administration centre of excellence for Northern Trust supporting organisations such as leading alternative, multi-manager and traditional investment managers, pension funds, multi-nationals, insurance companies and not-for-profit organisations, worldwide."

“We aim to create an inclusive, diverse workforce and recruit graduates from across the local region as well as experienced professionals from around the world.”

Northern Trust has had a presence in Ireland since 1989. The bank opened its Dublin office in 2000, and added its first Limerick office in 2007.

More Industry news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Hedge funds continue 2017 run
23 November 2017 | Madrid | Reporter: Drew Nicol
Global AUM of hedge funds rose 24 percent to $3.2 trillion in the past two years, according to data captured by IOSCO’s latest market survey.
Goldman Sachs appointed by Thrivent for agent lending
23 November 2018 | Minneapolis | Reporter: Jenna Lomax
Thrivent Financial has appointed Goldman Sachs as it new lending agent
Hedge fund industry reaches new highs in Q3
22 November 2017 | London | Reporter: Zsuzsa Szabo
The hedge fund industry has recorded strong performance in Q3 2017, after stumbling in 2016, according to Preqin
Eurex Clearing’s partnership entices strong market interest
20 November 2017 | Frankfurt | Reporter: Zsuzsa Szabo
Citigroup, Deutsche Bank, HSBC and J.P. Morgan Securities, to name but a few, signed up for the programme, which opened its registration in October
ISLA and the CBI tackle UCITS collateral rules
17 November 2017 | Dublin | Reporter: Drew Nicol
The Central Bank of Ireland’s director of policy and risk has confronted industry concerns around stringent collateral re-use and “arbitrary” fee splits for UCITS funds at a roundtable discussion
NEX imbues derivatives platform with KVA analytics
16 November 2017 | London | Reporter: Drew Nicol
KVA calculations determine the lifetime costs of capital as part of the pricing of an OTC derivative and the service will helps firms understand the capital costs an OTC trade will consume over the portfolio’s lifetime.
Citi names new head of global ETFs
15 November 2017 | London | Reporter: Theo Andrew
Citi has appointed a former iShares global head of relationships as its new global head of exchange traded fund products