A GLOBAL investor services group has given Shannon a jobs boost after outlining plans to open a facility in the town.
Some 45 positions are to be created by IQ-EQ, which is launching its own dedicated funds business in Ireland.
IQ-EQ – which will create the jobs over the next five years – provides a range of compliance, administration, asset and advisory services to alternative funds, global companies, and private and institutional investors globally.
Already, it employs 135 people in Northern Ireland, and has other facilities in London and Luxembourg.
IQ-EQ has been active in Ireland for over 30 years, providing a full range of corporate administration and structured finance solutions from its offices in Dublin and now in Shannon.
A number of staff will transfer to Shannon – but among the 45 new hires will be those holding roles in fund accounting, transfer agency and support.
IQ-EQ’s managing director for Ireland, Joanne McEnteggart, said: “Establishing a Funds business in Ireland was a logical next step for IQ-EQ which has operated in Ireland for the last 30 years. In fact, taking this step was very much a client led initiative with many of our clients and intermediaries looking to us to set up a funds operation in what is recognised as a key funds domicile. This is an important milestone not only for the Ireland team but for the Group as a whole as it takes us one step closer to achieving our strategic objective of becoming the most complete independent provider to alternative asset managers globally.”
IDA Ireland chief executive Martin Shanahan said: “Today’s announcement by IQ-EQ to expand its operations in the Mid-West is a welcome addition to the region’s financial services cluster and is aligned to IDA Ireland’s strategy to win jobs and investment for regional locations. This expansion is a solid endorsement of the strong talent pool available in the region.”
Minister of State for Higher Education and Limerick TD Niall Collins said the investment shows again the region’s “competitiveness and attractiveness” when it comes to financial firms.