19 September 2012

Northern Trust to create 400 new jobs in Limerick, Ireland by 2017

Limerick - 19 September 2012 - Minister for Jobs, Enterprise and Innovation Richard Bruton TD and Clive Bellows, Country Head Ireland at Northern Trust today announced that the company is to expand its Limerick operation by creating up to 400 new jobs over the next five years. The expansion is supported by the Irish Government through IDA Ireland. 

Northern Trust Corporation, founded in Chicago in 1889, is one of the world’s leading financial services institutions. It provides investment management, asset and fund administration, banking and fiduciary services to corporations, institutions and affluent individuals worldwide. 

Northern Trust has had a presence in Ireland since 1989 and opened its Dublin office in 2000. To facilitate the expansion of Northern Trust in Ireland, Limerick was chosen in 2006 as the second Irish location for its fund administration business, which to date employs more than 300 people and is based at Hamilton House, on the National Technology Park. 

Minister Bruton met senior executives of the company, including President and Chief Operating Officer William Morrison, on a recent trade mission to the United States. 

Making today’s announcement, Minister Bruton said: “Today’s announcement that a world-leading financial services company is expanding its operations in the mid-west with the creation of 400 new jobs is great news for Limerick and for Ireland. Financial services forms a crucial part of the Government’s Action Plan for Jobs, and the news that Northern Trust, a major international player in this industry, is expanding in a key regional location is a major vote of confidence for Ireland. These are highly-skilled roles, and the company will work with University of Limerick and the Limerick Institute of Technology in filling them. I commend my officials, the IDA and all involved in securing this investment. As we in Government continue to implement our plan for jobs and growth I am determined to ensure that we can see more announcements like this around the country in the coming years.” 

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,” said Catherine Duffy, general manager for Northern Trust’s Limerick office. “We recently expanded our Limerick office and are currently recruiting high calibre graduates from the local universities and colleges, such as University of Limerick and the Limerick Institute of Technology, with which we have strong relationships, as well as experienced professionals from across the globe.” 

The roles created will be in traditional and hedge fund accounting, transfer agency, financial reporting, pricing, custody, private equity, alternative asset administration, client reporting, real estate administration, as well as roles supporting employee functions such as finance, Information Technology, Human Resources and training, and corporate services. 

"We have seen dramatic growth in the scale and operation of our Irish business and the expansion of our office in Limerick reflects this,” said Bellows. “Our offices in Limerick and Dublin are leading centres of excellence for fund administration at Northern Trust globally and we gratefully acknowledge the continued support from IDA Ireland and the Irish Government.” 

Commenting on the announcement IDA Ireland CEO Barry O’Leary said: “This investment strengthens Ireland’s reputation and specifically the Mid-West region, as a location of choice for highly skilled financial services operations. It underlines Ireland’s continuing success in attracting high-calibre investments from world leading financial services companies and builds on Ireland’s standing as the funds centre of Europe. The scale of the investment in a key gateway location is a strategic win for IDA Ireland and it demonstrates the confidence a global leader such as Northern Trust has in Ireland’s skills availability and business infrastructure.” 

Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2012, Northern Trust had assets under custody of US$4.6 trillion, and assets under investment management of US$704.3 billion. 

Source: Northern Trust