Fund companies look further afield

Lower costs and a wider pool of candidates are luring fund management companies outside of the Pale, which is great news for fund accountants hoping to escape the Dublin rat race.

Over the last 18 months, a growing number of companies in the funds industry have been choosing regional locations in favour of the International Financial Services Centre (IFSC), and according to Paul Lynch, recruitment consultant with FX International, this decision is based "purely on cost". By locating outside Dublin, companies can afford to buy a site or building, instead of paying exorbitant rent in the capital.

Gary Lawson of Quest Recruitment says that the shortage of skilled people in Dublin is spurring on this trend. "They have started moving outside Dublin because they can't get the staff in Dublin basically," Gary explained. "I'd say it's going to keep going that way."

Companies choosing to locate outside Dublin are also finding that they retain staff for longer, as there are fewer competitors in the area and many of their employees set up home nearby and do not wish to relocate.

According to the Dublin Funds Industry Association (DFIA), 950 people were employed by fund companies based outside Dublin at the start of this year, and the DFIA expects this figure to double over the next few years.

Team leaders and supervisors made up nearly one quarter of all employees working in regional locations, but as is the case with Dublin-based companies, the vast majority were general staff. Just 4 per cent were directors or department heads.