Don't panic: Northern Trust may be cutting, but there are still plenty of funds jobs

Northern Trust's decision to axe 220 jobs in Dublin as a result its acquisition of Bank of Ireland Securities Services (BOISS) in February is unfortunate, but those taking redundancy will find no shortage of other job opportunities.

The redundancies at Northern Trust are down to duplication of roles after the firm completed the BOISS acquisition in June. At the time, we were told that most jobs would be safe, but sadly this isn't the case.

The good news, though, is that most funds companies in Ireland are expanding. The Irish Funds Industry Association predicts that around 800 roles will be created this year, and the likes of BNY Mellon, Butterfield Fulcrum, Citigroup, Deutsche Bank and Apex Fund Services have all unveiled recruitment drives this year.

Martin Fox, manager - accountancy and finance at Robert Walters in Ireland, says the fund market is "buoyant", in particular at the 3-5 year experience level within valuations, investor services and custody.

Away from the big hiring announcements, recruitment sources tell us that there are a lot of opportunities within most fund administrators including BNP Paribas, HSBC, State Street and Brown Brothers Harriman, as well as some boutique firms.

There is, however, a need for a cautionary note about all this. In recent weeks fund administrators have started offering fixed term contracts, rather than permanent positions, says Martin Byrne, financial services manager at Eden Recruitment in Dublin.

"Fund administrators are not operating in a vacuum and the sovereign crisis in the eurozone has made them more cautious about recruitment," he says. "We're seeing more six-month fixed term contracts and taking these roles requires a switch in mindset from most candidates working funds. It's essentially an opportunity for them to prove their worth to an employer and earn a permanent position."