Clearstream will make 200 new appointments to its Cork office in Ireland, with a focus on driving its digitisation business model for fund services.
The move comes over three years after Clearstream opened its Cork business following the acquisition of Citco Global Securities Services in October 2014, bringing on 300 employees into its Investment Fund Services (IFS) division.
Deutsche Börse group, which owns Clearstream, aims to grow its Cork presence to 600 employees, with a new office set to be completed by early 2019.
The German exchange group will look to hire product innovation roles to help drive its digital strategy, it said in a statement.
“We have decided to invest in our Cork presence to allow for further growth and a competitive set up in the future,” said Philippe Seyll, co-CEO, Clearstream Banking.
“Our current workforce in Cork as well as the high quality local graduate talent available from University College Cork and the Cork Institute of Technology have proven to be a great source of talent, supporting the success story of our business.”
Ireland has become a signifiant focus for custodians and market infrastructures, largely due to Brexit. Last year Northern Trust and JP Morgan announced plans to significantly boost their custody and fund services employee base in the country, and in February Euroclear tentatively proposed a new central securities depository (CSD) for Ireland.
“This investment adds to the growing list of IFS clients locating projects of scale in regional locations and will act as a valuable reference site when marketing Investment Management activities in the South West Region,” said Mary Buckley, executive director, IDA Ireland.
Clearstream’s Cork office is its largest operations centre for investment funds.