45 new jobs at funds business in Shannon

45 new jobs at funds business in Shannon

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A leading global investor services group will create 45 new jobs in Shannon over the next five years with plans to expand its Irish operations with the launch of a dedicated Funds business.

This move by IQ-EQ signifies the importance of Ireland as a funds domicile, particularly in light of recent changes to the Irish Investment Limited Partnership (ILP) legislation.

IQ-EQ provides a comprehensive range of compliance, administration, asset and advisory services to alternative funds, global companies, and private and institutional investors globally.

This includes a 135-strong team in Northern Ireland, specialised in fund administration and depositary services, plus third-party alternative investment fund manager (AIFM) platforms in London as well as Luxembourg. IQ-EQ has been active in Ireland for over 30 years, providing a full range of corporate administration and structured finance solutions from its offices in Dublin and Shannon.

In expanding its Funds service segment into Ireland, IQ-EQ will be transferring a number of experienced key personnel from the group’s wider UK & Ireland cluster, including Belfast-based Eoghan Harney, who will hold the role of Director and Head of Fund Accounting.

Completing the senior leadership of the new business will be Gary Palmer, former Chief Executive of the Irish Funds Industry Association (IFIA), who will join the Irish operation as Chairman and Non-Executive Director.  A new Head of Transfer Agency is also set to join the business in March 2021.

The 45 new jobs created as a result of the expansion will be based from the Shannon facility and include roles in fund accounting, transfer agency and support functions.

IQ-EQ’s Managing Director for Ireland, Joanne McEnteggart, added: “Establishing a Funds business in Ireland was a logical next step for IQ-EQ which has operated in Ireland for the last 30 years. In fact, taking this step was very much a client led initiative with many of our clients and intermediaries looking to us to set up a funds operation in what is recognised as a key funds domicile.

This is an important milestone not only for the Ireland team but for the Group as a whole as it takes us one step closer to achieving our strategic objective of becoming the most complete independent provider to alternative asset managers globally.

We very much welcome the support of IDA Ireland in facilitating us in bringing our funds expertise, reputation for high quality service and focus on technology to the Irish funds industry.”

Martin Shanahan, CEO of IDA Ireland said: “Today’s announcement by IQ-EQ to expand its operations in the Mid West is a welcome addition to the region’s Financial Services cluster and is aligned to IDA Ireland’s strategy to win jobs and investment for regional locations.  This expansion is a solid endorsement of the strong talent pool available in the region. I wish IQ-EQ every success.”

IQ-EQ achieved authorisation as a fund administrator from the Central Bank of Ireland on 15 December 2020 and its new Irish Funds business will go live operationally on 18 March 2021.

Clare Fianna Fáil Deputy Cathal Crowe said: “This is very welcome news for Shannon and for Clare at a time of economic uncertainty. 45 jobs over five years may seem like a small number but it’s important to celebrate all wins, given the amount of people who have faced furlough and job losses since the onset of the Covid-19 pandemic.”

Fine Gael TD for Clare Joe Carey added: “I warmly welcome today’s announcement by IQ-EQ to expand its operation in Shannon creating 45 jobs. This announcement is really positive especially in these uncertain times. IQ-EI’s decision to invest is a vote of confidence in the Mid-West and I wish the company every success.”

Shannon Chamber has described the news that leading global investor services group IG-EQ has chosen to set up a new Funds operation in Shannon as most welcome news, thanking the Company for its confidence and commitment to Shannon.

“The announcement will not only deliver 45 additional jobs for Shannon but it will add a total new dimension to a company that has already embedded itself into the business community here. Financial services is a key sector at Shannon and we welcome the additional skills and high-calibre positions that will now be attracted to Shannon as a result of this new development.

“We look forward to virtually welcoming IQ-EQ’s new executives to Shannon, and in person when restrictions are lifted,” added Ms Downes.

 

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