THERE was good news this morning for Clare with the announcement that a financial services company was to create 45 jobs in the county.
IQ-EQ, a leading global investor services group, has today announced plans to expand its Irish operations with the launch of a dedicated Funds business in Ireland creating 45 roles in Shannon over the next five years.
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. This move signifies the importance of Ireland as a funds domicile, particularly in light of recent changes to the Irish Investment Limited Partnership (ILP) legislation.
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.
Welcoming the news, Deputy Joe Carey said the announcement came as “a welcome shot in the arm” for Shannon and the region.
The local Fine Gael TD said: “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.”
The Clarecastle-based TD added: “I look forward to working further with my colleague, Tánaiste and Enterprise Minister Leo Varadkar, together with the IDA and Enterprise Ireland, to identify exciting new employment opportunities for Clare and the wider region over the coming weeks and months.”
Deputy Cathal Crowe added, “This is very welcome news for Shannon and for Clare at a time of economic uncertainty.
“Forty-five 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.
“The jobs are being created as a result of an expansion of the Shannon facility and will include roles in accounting, transfer agency and support functions.
“Given IQ-EQ has a presence in Dublin and in Northern Ireland, I am particularly grateful and glad to see that they’ve chosen Shannon for this expansion of their Irish operations.
“I hope that this will be seen as a solid endorsement of Shannon and the Midwest region and help in luring more companies here in the not-so-distant future.”
Commenting on the launch, Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said, “I’m pleased to see that IQ-EQ is expanding in Shannon by creating 45 new jobs over the next five years. IQ-EQ has been long established in Ireland and the company’s launch of a dedicated Funds business here demonstrates its continued commitment to Ireland. I wish the team all the best with their expansion plans.”
IQ-EQ’s MD 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.