Friday 22 September 2017

Deutsche Bank planning 1,000 new Irish jobs

Tom Lyons

Deutsche Bank is planning to create up to 1,000 new jobs in Dublin when it sets up a new global centre for hedge fund administration here.

That is two-and-a-half times the number of jobs the German banking giant has been previously reported to be planning to bring to Dublin in what will be a major boost to the capital.

Deutsche already employs 310 people here. It has had a smaller hedge fund administration office in Dublin since 1998 but this expanded significantly in 2011 when the German company set up a "centre of excellence" in hedge funds here.

The IDA declined to confirm whether it was in talks with the banking giant which, according to property sources, is seeking an office location capable of housing its giant new operation.

Deutsche is thought to be eyeing various locations in the vicinity of Ireland's new Central Bank in Dublin's docklands.

Ireland has long had a goal of becoming the centre for hedge-fund administration in Europe on the back of the Alternative Investment Fund Managers Directive in July.

The country is already a leader in the sector, with State Street, Citi and Bank of New York Mellon each employing around 2,000 people in Ireland.

Earlier this year, Deutsche Bank said it was considering moving thousands of jobs and functions from high-cost cities.

Dublin has become much more competitive in terms of property and labour since the recession began as well as having a well-structured low tax offering to international banks.

The city is likely to be one of the big winners from this corporate strategy which will see cities like New York, London and Hong Kong lose out.

Irish Independent

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