More than 700 jobs are to be created in the Irish funds industry by the end of 2011, the association representing this sector announced at its agm this morning.
The Irish Funds Industry Association (IFIA) said 432 jobs were created in the sector last year, and a further 711 new positions are expected to arise this year. This would bring employment in the industry to 12,500.
The industry enjoyed an unexpected boost recently when Deutsche Bank announced plans to move its European hedge fund operation to Dublin. The bank intends to recruit between 75 and 100 people for its new IFSC-based European centre of excellence for hedge funds by the end of the year.
Last month, Apex Fund Services said it plans to create 50 new positions in Dublin over the next 18 months.
The 711 new jobs announced this morning were identified in a HR survey of the IFIA's member firms, and are in addition to the Deutsche Bank and Apex positions.
Incoming IFIA chairman Ken Owens said that despite the economic crisis, demand for fund servicing has shown a "healthy" increase over the last year, with major funds servicing companies expanding their activities in Dublin and throughout the country.
In 2010, funds under administration in Ireland rose 34 per cent €1.87 trillion. IFIA chief executive Gary Palmer said this growth was considerably greater than that experienced in any other comparable fund jurisdiction.
