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.