MORE THAN 800 jobs are expected to be created in the Irish funds industry by the end of 2011, the association representing this sector said yesterday.

A survey by the Irish Funds Industry Association (IFIA) found that member firms intend to create 711 jobs over the year, which would bring employment in the industry to 12,500.

The funds sector got a further boost with the news that Deutsche Bank plans to move its European hedge fund administration operation to Dublin. According to the IFIA, the bank intends to recruit between 75 and 100 people by the end of the year for an IFSC-based European centre of excellence for hedge funds.

This comes after Apex Fund Services, which set up an office in Cork four years ago, last month announced plans to recruit 50 people for a new office in Dublin. These positions will be mainly graduate roles in fund accountancy, compliance and IT.

The Deutsche Bank and Apex jobs are in addition to the 711 new positions identified by the IFIA.

A large proportion of all new jobs expected in the industry this year are likely to be in fund accounting. The remainder will be in areas such as client relationship management, legal, tax advisory, compliance, HR and IT.

The survey also showed that employment in the industry increased 5 per cent during 2010, with 432 new jobs created.

Incoming IFIA chairman Ken Owens said demand for fund servicing had shown a “healthy” rise over the last year, with major funds servicing firms expanding their activities in Dublin and throughout the country.

“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.”

In 2010, the level of funds under administration in Ireland rose 34 per cent to €1.87 trillion.

IFIA chief executive Gary Palmer said the growth recorded in the Irish industry was considerably greater than that in any other comparable fund jurisdiction. “We expect this growth to continue.”