Flooding to Dublin
La Salle Global Fund Services plans to increase its Dublin workforce by 235 in five years. How?
Given the tight state of the Dublin labour market, recruiters say foreign workers are likely to play a large part in any expansion plans.
"We've been very successful in sourcing and attracting candidates from other fund administration centres such as Luxembourg, France, Italy, Poland, the Channel Islands and Bermuda. Companies are becoming increasingly open to candidates based abroad due to local shortages," says Lorraine Shine, director of Fast Recruitment.
La Salle Global Fund Services opened for business in the IFSC at the end of March, joining Bear Stearns-backed Quintillion, Citigroup-owned Bisys, State Street and Morgan Stanley.
"There's strong growth in the sector here. Existing players are taking on significant amounts of new business, resulting in a huge demand for staff in Dublin," says Shine.
About 6,700 people are directly employed by the fund administration sector in Ireland, with 1,000 of those in emerging bases such as Wexford, Louth and Kilkenny, where staff shortages are less acute. With Dublin talent hard to come by, some companies have begun offering a 'living in Dublin' allowance of €1.5k to €3.5k, says Stacey Grealis of Eden Recruitment.
A mutual or hedge fund accountant with two years' experience can earn €35k to €45k plus a 5% to 10% bonus in the city. Standard benefits include health insurance, pension, subsidised gym and travel pass.
