Another fund administrator looks to double headcount in Ireland

While the banking sector continues to scale back, there’s no shortage of significant recruitment drives from international fund administration firms in Ireland.

Butterfield Fulcrum, the US hedge fund administration firm, has just unveiled plans to hire an additional 150 people in its Dublin office, taking total headcount to250. The roles will centre on middle office and customer relationship management, rather than fund accounting which made up the lion’s share of its previous recruitment drive.

The firm only established a presence in Ireland in 2009, but Glenn Henderson, CEO of Butterfield Fulcrum, said that the standard of talent available in the country has helped convince it to expand further: “Our experience with the Irish labour market has been phenomenal. Our clients have been very impressed with the calibre of those hired in Ireland.”

In September, Northern Trust, the US custodian with a significant presence in Limerick, said that it was planning on doubling its headcount to 800 between now and 2017.

After a period on contraction in 2010, numbers employed in Ireland’s fund industry bounced back last year. Total employment was 9,228 in 2011, up 5% on the previous year, according to figures from the Irish Funds Industry Association.  In the second quarter of 2012, funds under administration reached record highs of €2.15bn.