Fund administrators better off at international firms?

With competition for talent within the fund administration space in Ireland still tight, international players believe the current woes of domestic firms make them a more attractive option.

Slumping property prices have seen local banks, which are heavily exposed, post some poor results recently. Bank of Ireland, Allied Irish Bank and Anglo Irish Bank have all admitted to slumping earnings.

Meanwhile profits at State Street, Ireland's biggest player in the fund administration space, surged 50% on record revenue in the second quarter.

Willie Slattery, managing director of State Street International, said: "I have no interest in seeing people being hurt, but the objective fact is the Irish slowdown is creating a more competitive labour market, which helps people such as ourselves who trade internationally."

State Street now employs over 2,200 people in Ireland.

Rob Richardson, chief executive of Pioneer Investments, added: "Internationally focused businesses such as State Street and ourselves are almost immune to the economic slowdown in Ireland. We're not selling to Ireland, we're selling all over the world."

Overall, recruitment of fund adminstrators in Ireland is down, says Darren McCabe, director at Cotter Personnel: "Over the last few months neither domestic nor international firms have been rapidly expanding in the way they have been over the two to three years. Clients are only maintaining the teams they currently have."