| Cork as a financial services centre to expand with 250 new positions announced in Clearstream and Apex Fund Services |
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| 2nd March 2018: Apex Fund Services has announced the creation of 50 new roles in Cork, adding to this week's announcement by Clearstream, a unit of Deutsche Börse Group, that it is to create 200 new jobs adding to its existing jobs count of 362 to bring total employment at Clearstream to 562. The new Clearstream jobs will be located at Navigation Square, the largest and most significant office development to be undertaken in the city's commercial centre. The announcement of 50 new jobs by Apex Fund Services and the opening of its new Carrigtwohill office has been welcomed by Cork Chamber of Commerce as 'excellent news for the region'. See also this article: 'Cork has all the attributes it needs to become an IFS hub', in the 2017 edition of the Finance Dublin Yearbook. |
Conor Healy, CEO of Cork Chamber said: “Today’s news is the second financial services investment in Cork within a week, which is highly encouraging for Cork’s growing reputation as a financial services hub. Apex Fund Services’ decision to double its Cork headcount and open a new office reaffirms our confidence in what Cork and Ireland can offer the international financial services industry for their EU-facing services.”
Eoin Motherway, Chairman of the Cork Chamber’s Financial Services Forum, added: “Promoting the attractiveness of Cork as an ideal location for international financial services has been a key value for the Financial Services Forum for the last 10 years. Cork produces the highest number of business graduates anywhere in the country and our ability to provide the most sought-after talent will be key to attracting more investments of scale, like that announced by Apex Fund Services today."
Speaking on behalf of the Cork Financial Services Forum, Eoin Motherway, Chairman, said: “We are delighted that Clearstream is expanding their footprint in Cork, thanks to the wide availability of technology and financial services talent in the region. Clearstream’s renewed commitment to Cork sends a clear message about the strength of the growing financial services activity in the region.”
Deutsche Borse Group announced this week that it will further expand its activities in Cork 'to reflect the growing funds business of its post-trade services arm Clearstream. Moreover, the firm will add product innovation capacities to drive the digitization of its business model. The financial market infrastructure provider, which is among the largest worldwide, will move to a new office space in early 2019.
Since transitioning to Deutsche Börse Group in October 2014, the Clearstream operations in Cork have gone from strength to strength. Having started out with 274 employees, the current office in the Airport Business Park now counts 362 employees – envisaging to add a further 200 employees over the next two years. New premises have been selected in the Cork city centre to accommodate the company’s current and potential future headcount needs.
The new building, which will be completed by March 2019, will be part of Navigation Square, the largest and most significant office development to be undertaken in Cork City’s commercial centre. In addition to the Group’s funds processing operations and product development activities, new positions will be created in accounting, finance, business management and IT.
Philippe Seyll, Co-CEO of Clearstream Banking S.A. and Head of the firm’s Investment Funds Services, explained: “We have decided to invest in our Cork presence to allow for further growth and a competitive set up in the future. 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.”
Tanaiste Simon Coveney TD said: “Cork is a key international hub for our global growth objectives and a very attractive location for International Financial Services companies from all over the world. The decision by Deutsche Börse Group to expand its activities here is very positive. As a Government we continue to work hard to ensure that we have the right conditions and skills to attract knowledge based sectors to Ireland. These conditions and skills are key to facilitating expansion by high-calibre companies.”
IDA Ireland Executive Director Mary Buckley said: “This announcement by a company of the calibre of Deutsche Börse and its post-trade services provider Clearstream, that it is scaling up its operations with the addition of 200 new roles, is great news for Cork, for the South West Region and for Ireland. It reinforces Ireland’s leadership position as a global location for Investment Management in servicing and operations activities. 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. I wish them every success with this expansion.”
Companies' Profiles:
Cork Chamber:
"Cork Chamber is committed to promoting the Cork region as Ireland’s second centre for Financial Services via our Connecting Cork initiative. These activities are supported and driven by the Chamber’s Financial Services Forum. The Forum is comprised of 20 members that represent the wide depth and breadth of the IFS sector in the Cork region, as well as the local agencies that support the development of economic growth in the region.
Clearstream
As an international central securities depository (ICSD), headquartered in Luxembourg, Clearstream, which is part of Deutsche Borse Group, provides the post-trade infrastructure for the Eurobond market and services for securities from 56 domestic markets worldwide. With 13 trillion euros in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities. Alongside its highly automated mutual fund services, Clearstream provides clients with a ‘one-stop shop’ solution for all fund types.
Deutsche Börse Group
Deutsche BörseGroup is one of the largest exchange organisations worldwide. It organises markets characterised by integrity, transparency and safety for investors who invest capital and for companies that raise capital – markets on which professional traders buy and sell equities, derivatives and other financial instruments according to clear rules and under strict supervision. Deutsche Börse Group, with its services and systems, ensures the functioning of these markets and a level playing field for all participants – worldwide.
Navigation Square
Navigation Square is a 350,000 square feet office development, consisting of four separate buildings of fourth generation office space, designed to Gold LEED standards. Due for completion in March 2019, the development includes flexible floorplates and roof terraces with spectacular views of the city and port, a large central plaza with cafe and restaurant units with parking and staff facilities contained in a double level basement of 100,000 square feet. Navigation Square is being developed by O’Callaghan Properties, one of Ireland’s longest established property development and investment companies with commercial, retail and residential projects throughout Ireland and the U.K |
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