Reasons to believe Ireland's funds industry is set for growth in 2011

Citigroup is kick-starting its Dublin recruitment drive (which will eventually create 250 roles), but this isn't the only reason to feel optimistic about job prospects in Ireland's funds industry going into 2011.

One hiring manager at a large fund administration firm in Ireland claims its all hands on deck going into the new year, with most firms looking to expand.

"We'll be recruiting for fund accountants, transfer agency and client facing roles in the first six months of this year a greater pace than in 2010, and I know a number of our peers are planning to do the same," he says. "It's still very much an employers' market, and we're receiving no shortage of applications from candidates who are both currently on the market and in employment."

Much of this growth can be pinned on the higher number of hedge funds domiciling in Ireland over the last year. According to Hedge Fund Research, the proportion of hedge funds domiciling in the country doubled to 7.4% at the end of the third quarter, while the Irish Funds Industry Association (IFIA) tells us there are now 388 funds here.

The carrot has largely been The Companies (Miscellaneous Provisions) act 2009, which was implemented late last year. One of the provisos of domiciling in Ireland is that locally-appointed custodians, administrators, law firms and directors are put in place.

On average, 1.5 jobs are created in these support services per hedge fund that domiciles in Ireland. Based on the above figures, this means at least 582 roles should be created this year.

But these are unlikely to be spread evenly and there could be some relatively large hiring sprees on the cards. Law firm Walkers Global, for instance, set up shop in Dublin last year and plans to increase its headcount to 50 (from 20) by the end of this year.

Ireland has been cutting into the market share of (and overtaking) places like the Cayman Islands, Bermuda and British Virgin Islands, suggests Hedge Fund Research. Figures from the Central Bank of Ireland also show that the value of Irish domiciled funds now totals €899bn - a record high.

Angela Maddon, a spokesperson for the IFIA, says: "After a period of consolidation, a number of firms have been growing again recently and, combined with new companies entering Ireland, new jobs have been created."