Poles depart?

Is Poland about to make a bid for Ireland's fund admin crown - and are the Poles in Ireland's fund admin industry about to go home?

Well, maybe not, but the new full EU-wide fund management passport could increase Poland's standing as a fund admin centre.

Speaking to the Financial Times last week, Harley Murphy, head of offshore management at BNY Mellon Asset Servicing, said: "Eastern Europe has started to offer some of the same tax benefits...Poland will be in an extremely strong position in a few years' time. They will have gained from immigrants coming back to help develop expertise."

So with Poles making up a good proportion of fund administration jobs in Ireland, could they then take that experience back east?

Gary Palmer, chief executive of the Irish Funds Industry Association, says low wages are likely to be a deterrent to Poles thinking of going home.

Nevertheless, he says Ireland needs to remain on its toes: "There are a number of jurisdictions looking to establish an international funds servicing business - Poland, Cyprus, Malta - and each of them has as much right as Ireland or anywhere else. We have to continue to provide solutions to and anticipate the needs of the international community."

Ian Pascal, marketing director at Baring Asset Management, urges Ireland to look over its shoulder: "Twenty years ago Luxembourg probably thought it had it all sewn up when the Irish came along, so who's to say?"