HedgeServ is creating 300 new jobs in Dublin (and other reasons for optimism about job prospects in Ireland's funds industry)

Competition for staff in Ireland's hedge fund administration sector was already stiff, but it's about to get tougher - HedgeServ is planning on recruiting another 300 people in Dublin.

HedgeServ has already been relatively aggressive in expanding its Irish operation, having recruited over 150 people over the last 12 months, and has unveiled plans to take its headcount to over 500.

We've mentioned previously that some of the larger funds firms were bemoaning approaches for their staff, particularly people working in transfer agency roles, from smaller players like HedgeServ and GlobeOp (both of which have unveiled expansion plans recently). This is further evidence of a recruitment spree within the hedge fund servicing sector.

A raft of new business for those firms focusing on hedge fund administration - thanks to a proliferation of 'Newcits' funds last year and latterly the AIFM Directive - has prompted many to increase headcount.

State Street has been relatively active - recruiting up to 20 people a week over the last 12 months, according to sources - while the likes of Citi and BNY Mellon have all been increasing headcount in recent months. Deutsche Bank also moved its European hedge fund administration business to Dublin and Apex Fund Services has been expanding.

The timescale of HedgeServ's plans for 300 new jobs has yet to be confirmed, with the firm simply stating that they would be created "into the future".

It's not all been positive news coming out of the funds industry; in July, Northern Trust said it was cutting 220 jobs following its acquisition of Bank of Ireland Securities Services.

What's more, recruiters tell us that a number of fund administrators have become more cautious with their hiring plans in recent months and that those firms still increasing headcount have not yet felt compelled to offer pay rises to new recruits.