The Financial Services sector in Ireland has grown immensely in recent years, largely thanks to the interest of international investors. FDI Financial Services firms employ over 35,000 people in Ireland and 80% of the world’s top financial services businesses operate here.
What attracts International firms to Ireland?
Ireland is world renowned for its educated talent pool and could soon be the only native English-speaking country in the EU. International firms need the best talent and often require specialist skills which our well-regarded universities are providing. Ireland is also somewhat immune to the potential immigration issues that Brexit poses, making our country an attractive international base. As a result, following the pro-Brexit vote, over 12 different financial institutions have revealed plans to grow their Irish presence.
Ease of service for customers also offers a draw to Ireland. Ireland offers passporting opportunities for international investors to a single EU market. Bank of America chose Dublin as its chief European Banking Hub. Similarly, Barclays are planning to double their Dublin headcount.
Sectors that are thriving
A strong regulatory framework and technological advancement has led to a particularly prosperous Funds sector, with up to 16,000 people employed directly within Funds. 17 of the top 20 global asset managers have Irish domiciled funds and 887 fund promoters have selected Ireland as their international hub.
Aviation finance is another specialist area that is thriving with over 50% of the world’s leased aircraft fleet controlled in Ireland.
Investment beyond the Capital
The IFSC is not the only place benefitting from Foreign Direct Investment. Financial firms are looking outside the capital and tapping into our extensive regional talent pool. Up to 30% of employment in foreign-owned Financial Services companies is outside of the Dublin/Mid East area. Northern Trust are adding 400 jobs to Limerick along with Fidelity in Galway and State Street in Kilkenny & Naas.
Ireland’s financial services sector is becoming a global hub, enticing more international investors each year. Our recent Employment Monitor survey found an increase in accountancy, banking and finance jobs of 45% since 2016. Cpl have a significant track record in partnering with new firms in Dublin and around the country to establish their business in Ireland. As the largest recruitment agency in Ireland, our specialist recruiters have access to an extensive talent pool and source top Finance candidates for our clients from across the world.
Need help growing your finance business in Ireland? Get in touch.
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This post originally appeared in the Irish Independent Business Week as part of the Invest in Ireland Awards.