Northern Trust has joined its rival JP Morgan in making a big push into the Irish market.
According to Northern Trust, the move is supported by the department of jobs through IDA Ireland and marks the fourth time it has increased its operations in the city of Limerick.
The news is the latest custody development in Ireland following JP Morgan’s purchase of a new office in Dublin last month.
The US custodian also revealed plans to increase its headcount in the country by more than 1,000.
“We have seen growth in the scale and operation of our Irish business over the years and the continued expansion of our office in Limerick reflect this,” said Clive Bellows, country head of Northern Trust, Ireland.
“We gratefully acknowledge the support of IDA Ireland and our local partners such as the University of Limerick and the Limerick Institute of Technology, where we have strong relationships, and recognise the pro-active engagement we have with Irish government representatives, and the local funds industry in Ireland.”
Northern Trust initially set up operations in Limerick in 2007 and has held a presence in Ireland since 1989.
“Limerick is a fund administration centre of excellence for Northern Trust supporting organisations such as leading alternative, multi-manager and traditional investment managers, pension funds, multi-nationals, insurance companies and not-for-profit organisations, worldwide,” said Catherine Duffy, general manager for Northern Trust’s Limerick office.