| Willis Towers Watson is to establish asset management operations in Cork |
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| Minister for State, Eoghan Murphy TD today announced that Willis Towers Watson is to establish asset management operations in Cork. Willis Towers Watson plans to create up to 40 roles in areas like asset management operations, service provider oversight, risk & data management, investor on-boarding, compliance, and accounting over the next few years. The company is supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland. |
Towers Watson Investment Management Ireland (TWIMI), a subsidiary of Willis Towers Watson, currently acts as an Alternative Investment Funds Manager (AIFM) in Ireland with assets under management exceeding EUR 6 billion. Incorporated in 2013, TWIMI was one of the first authorised AIFM’s by the Central Bank of Ireland, post the enactment of the Alternative Investment Fund Manager’s Directive (AIFMD). The expansion of the activity in Ireland arises from the creation of a managed funds platform domiciled in Ireland and a clear decision by the firm to place additional operational substance in the jurisdiction. The platform went live with its first suite of funds on the 1st February with a strong pipeline forecasted.
Commenting on today's announcement Minister Eoghan Murphy said, "these 40 high value roles are a welcome additional to Cork's thriving financial services' landscape. It also illustrates the added-value of building capacity and tapping into the great potential of Ireland's regional financial services centres. Willis Towers Watson will no doubt benefit from the wealth of specialist skills emerging from academic centres of excellence such as UCC and the Cork Institute of Technology, as well as the excellent fibre optic and transport connectivity. Promoting more and higher value investment in financial services in regional locations is a continuing priority of the Government's IFS2020 Strategy."
Eoin Motherway, Head of Investment Operations in Ireland for TWIMI said, “We are delighted to announce that we are opening our Investment Fund Operations in Cork, to provide comprehensive support to our investment products and our clients. We chose the region for its financial services experience, availability of top class graduates from the surrounding third level eco-system and its competitive base.”
Minister of State for European Affairs, Dara Murphy TD, added: "The decision by Willis Towers Watson to invest in and create 40 new jobs in Cork is a great endorsement for Ireland's second engine of growth. Cork is developing a growing reputation as a location for financial services operations and I wish the company well with their new operations here."
Commenting on the announcement Martin Shanahan, CEO, IDA Ireland said “Over the last 20 years, Ireland has earned a reputation as a leading jurisdiction for regulated investment funds. Willis Towers Watson is a welcome addition to the growing cluster within IDA’s Financial Services portfolio of companies active in managing and servicing alternative funds and a welcome addition to the financial service hub in Cork”
The establishment of the new operation is a very welcome addition to Ireland’s funds industry. Pat Lardner, CEO of industry trade body Irish Funds, said “Ireland is the third largest fund centre in the world with €2 trillion of assets in Irish domiciled funds and today’s announcement by Willis Towers Watson is another example of the benefit of having a strong cluster of funds expertise in Cork which can serve global clients while making a positive contribution to the local community at the same time.”
Oliver Jaegemann, Head of the Willis Towers Watson Asset Management Platform added, “We are very pleased to have Eoin heading up our operation in Ireland. He has great enthusiasm and a proven track record, successfully managing and delivering solutions to clients globally. As a firm we have made a strong commitment to establishing Investment Fund Operations in Cork and we are looking forward to a bright opportunity for our team in to the future.” |
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