More than 700 jobs are to be created in the Irish funds industry by the end of the year, the Irish Funds Industry Association (IFIA) has said at its AGM.
The industry saw a 5% increase in employment during 2010 creating 432 new jobs, according to a HR survey of the IFIA's member firms. This means that in the two year period from the start of 2010 to the end of 2011 the Irish funds industry will have created 1143 new jobs in Ireland - bringing total employment to 12,500, the association said.
In addition to the 700 new jobs in the sector envisaged by the IFIA, there are plans by Deutsche Bank to move its entire European hedge fund administration operation to Dublin and create a European centre of excellence for hedge funds in the IFSC. It is estimated that this could create up to 100 further jobs by the end of the year, while a further 50 jobs are to be created in the sector by Apex.
Ken Owens, the new chairperson of the IFIA, said that in 2010 the industry reached all time highs with funds under administration of €1.87 trillion. This was a 34% year on year increase, up from €1.4 trillion at the end of 2009.
'Despite the economic crisis, funds have proved extremely resilient with improved returns and asset values,' he said.
'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.'
