BNP executives meet with Michael Noonan and discuss Brexit implications
The head of BNP Paribas Securities Services met Finance Minister Michael Noonan for an hour in December, during which they discussed the implications of Brexit.
It is understood, however, that BNP - which already employs around 600 people overall in Ireland in a number of businesses - gave no specific details about its plans to deal with the fallout from the vote.
It comes as fund management company FundRock announced it is opening a Dublin office to deal with an anticipated increase in cross-border funds activity out of Ireland post Brexit. Japanese investment group Daiwa is also considering Dublin as a location.
BNP Paribas Securities Services ceo Patrick Colle met Mr Noonan on December 16 in Dublin. Also in attendance were officials from the Department of Finance and IDA, as well as Derek Kehoe, ceo and Head of Territory for BNP Paribas Ireland, Paul Daly, Head of Securities Services for BNP Paribas Ireland and Ian Lynch Head of Hedge Fund Services for BNP Paribas Securities Services.
It is understood that a briefing had been prepared for the meeting by the Department of Finance with an eye on being ready for a Brexit discussion, but BNP gave no details of its plans. However, the implications of the Brexit vote were discussed.
The company said today that the meeting between Mr Colle and Minister Noonan was an opportunity, facilitated by IDA, to discuss a range of topics pertinent to the Group’s ongoing activities in Ireland.
Meanwhile, FundRock Management Company said it would be opening a new office in Ireland to grow its presence in Dublin, Luxembourg and the UK.
FundRock said that following the market uncertainty created in the investment management sector post-Brexit, it is opening an Irish office to service its clients' needs and capitalise on the "significant rise in UK-based deal flows".
Revel Wood, FundRock ceo, said the move to Ireland is a crucial part of the company's long-term strategy.
The Dublin office will be headed up by Ross Thomson, who has nearly 20 years of fund industry experience in Luxembourg and Canada.
Meanwhile, Daiwa Securities Group is considering Frankfurt and Dublin among candidate cities to host European operations it moves out of London following Brexit, the Japanese brokerage's top executive said.
The Tokyo-based firm will need to establish a licensed entity in the European Union following the UK's decision to leave the bloc, ceo Takashi Hibino said. It is running simulations with a consulting firm, he said yesterday at a briefing in Tokyo with his successor, deputy president Seiji Nakata.
Daiwa has about 450 employees in Europe, mostly in London, which will remain the main location for most of its operations in the region. Japanese banks and brokerages are among global financial firms considering moving some functions away from the UK capital to retain access to the EU.
Prospects for Japanese securities firms have improved since November after stocks rallied on a weaker yen following Donald Trump's victory.
BNP Paribas Securities Services in Ireland has operated as a centre of excellence for the servicing of investment funds since 2001.