New figures published last week have indicated that Ireland's international financial services industry recorded strong growth last year, as more than 1,100 new jobs were created in the sector.
According to the Finance Dublin Yearbook 2005, total employment in the core sectors of banking, funds and insurance increased by 7% in the year from 2003 to 2004, reaching 17,610.
Banking led the growth in new employment, with 6,781 now working in the sector, up 9% from 2003 levels. Investment bank Merrill Lynch, which doubled its work force from 230 to 506 at its European support services centre, made a significant contribution to this growth.
The funds sector also saw substantial growth last year, with 541 new jobs being created during the period. This took the total employed working in the area to 8,017, an increase of 7.2%.
Dublin is becoming particularly popular with the alternative investment fraternity and a number of hedge funds have registered in the Irish capital in recent months.
Notable among these is Bramdean Asset Management, the new investment business of Nicola Horlick, dubbed “superwoman” by the financial press, which last month was given the green light by the Irish Financial Services Authority to launch five hedge funds from Dublin.
The new venture, aimed primarily at attracting investment from high-net-worth individuals and smaller pension funds, was originally due to launch in January but was delayed by a backlog of applications at the IFSA.
"Everyone wants funds in Dublin and there was a bit of a backlog before Christmas,” noted Horlick.
BISYS Alternative Investments has also created an additional 83 jobs while International Fund Services (IFS) has added a further 100 new jobs, bringing its staff in Dublin to 500.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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