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Friday, September 08, 2006

Northern Trust Plan Expansion in Ireland

by: Sean Hanna, Editor in Chief

Northern Trust is expanding its Irish fund administration services in wake of the merging of its two Dublin offices. The Chicago-based back-office firm will add 300 jobs in Ireland at a second site in Limerick, according to Micheál Martin, Ireland's Minister for Enterprise, Trade and Employment. Northern Trust has been in Ireland since 2000 when it created Northern Trust (Ireland) Ltd. in Dublin. That arm now employs more than 400 workers.

The Dublin workers, who had been in two locations, were brought under one roof at the end of August when the firm moved to Georges Court in central Dublin. Vic Holmes, managing director of Northern Trust Ireland, said that the move will help accomodate the firm's planned growth.

Meanwhile, the Limerick location is being built to accomadate growth in the firm's fund servicing business. Holmes said it will accomodate as many as 300 additional workers.

"Northern Trust currently employs over 400 people in Ireland -- more than double the number at the start of 2005 as a result of the acquisition of Baring's Financial Services Group last year -- and we are now administering over 550 funds from Dublin, with approximately euro 70 billion (US$90 billion) in assets under administration," explained Holmes. "Northern Trust has had a presence in Ireland since 1990 and is now one of the largest, fastest growing fund administrators in Ireland with expertise in servicing a broad range of fund types. 

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