Global custodians and fund administrators have bolstered their teams in Ireland and Luxembourg in anticipation of these new flows.
The custodian will provide fund administration and depositary services for CCA's new Irish Collective Asset-Management Vehicle (ICAV).
Intertrust has grown its business in Ireland, opening a fund administration business a plans to recruit 60 new staff for its Dublin-based business.
To lead the business, Kevin Doyle has been appointed head of fund administration for Intertrust Fund Services Ireland.
Ireland has become a key focus for Northern Trust after it opened its second office in the country in 2017, and has since grown the employee base to 1,500.
The approval will allow European-based clients to continue trading on the platform without the interruption of the UK’s exit from the EU.
The custodian will also provide depositary, clearing and foreign exchange solutions for Pacific Asset Management's UCITS funds.
The agreement between ESMA and the Bank of England eases concerns of significant disruption to the Irish securities market.
Euronext would no longer be able to settle Irish securities at Euroclear’s London-based CREST once the UK leaves the European Union.
The regulatory approvals come ahead of Apex Fund Services planned acquisition of Ipes, expected to close at the end of the third quarter.