Minister for Jobs, Enterprise and Innovation Richard Bruton TD and Clive Bellows, Country Head Ireland at Northern Trust (Nasdaq: NTRS) 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 worlds 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 todays announcement, Minister Bruton said: Todays 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 Governments 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 Trusts 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.
Minister for Finance Michael Noonan TD said, "The significant expansion by Northern Trust of their Limerick offices which will deliver 400 high quality jobs is excellent news for Limerick and I would like to wish all involved every success in the future.
I hope that the success of Northern Trust in Limerick and today's vote of confidence will encourage other financial services companies to establish in the region."
Commenting on the announcement IDA Ireland CEO Barry OLeary said: This investment strengthens Irelands reputation and specifically the Mid-West region, as a location of choice for highly skilled financial services operations. It underlines Irelands continuing success in attracting high-calibre investments from world leading financial services companies and builds on Irelands 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 Irelands skills availability and business infrastructure.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. 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. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission. Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission. Northern Trust International Fund Administration Services (Ireland) Limited, Northern Trust Securities Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Central Bank of Ireland. Northern Trust Global Services Limited has a Luxembourg Branch, which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF). Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF). Northern Trust Global Investments Limited has a Netherlands branch, which is authorised by the Financial Services Authority and subject to regulation in the Netherlands by the Autoriteit Financiële Markten. Northern Trust Global Services Limited has a Netherlands Branch, which is authorised and regulated in the Netherlands by De Nederlandsche Bank. Northern Trust Global Investments Limited has a Sweden branch, which is authorised by the Financial Services Authority and subject to regulation in Sweden by the Finansinspektionen. Northern Trust Global Services Ltd (UK) Sweden Filial is authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen. Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office. Our registered office is authorised and regulated by the Central Bank of the United Arab Emirates. The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority. The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission. The Northern Trust Company of Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission. Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency. The Northern Trust Company has a Singapore Branch, which is a foreign wholesale bank regulated by the Monetary Authority of Singapore. The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch, which is an authorised foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorised trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.
IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. For more information about this notice, see http://www.northerntrust.com/circular230.
About IDA Ireland
Irelands inward investment promotion agency, IDA Ireland (Industrial Development Agency) is responsible for the attraction and development of foreign investment in Ireland.