For more than 30 years, Ireland’s funds and asset management sector has scaled into a base for investment managers from all over the globe to develop and expand their international distribution. The world’s leading players see Ireland as a key strategic location, offering a full suite of locally domiciled solutions and services as a gateway for funds to be sold in multiple jurisdictions, in Europe and beyond.
The latest IDA Ireland 2025-2029 strategy ‘Adapt Intelligently’, recognises the importance of international financial services to Ireland, and looks to support its continued growth. The strategy’s four key pillars are aimed at strengthening long-term investment, scaling cutting-edge innovation, driving sustainable change and maximising regional opportunities.
Ireland can point to a track record in creating the right environment for the sector to thrive. It was the first regulated jurisdiction to provide a regulatory framework specifically for the alternative investment fund industry. Its tax regime is efficient, clear and fully compliant with OECD guidelines and EU law.“Ireland is the second largest centre in Europe and third largest in the world for the domicile of investment fund assets. Major investment management firms have established significant operations in Ireland over many decades, with senior global executive roles based locally,” says Bernadette Nulty, co-head of investment management at IDA Ireland.
Among the benefits to the industry of being based in Ireland are: robust regulation, availability of talent, access to innovation, EU membership, and a supportive ecosystem.
A balanced regulatory landscape
Ireland’s regulatory environment plays a large part in making the country an attractive location for investment firms. The Central Bank of Ireland is considered a measured and balanced regulator, with experience of the sector gained over the decades. “We have a very well-regarded regulatory environment for the asset management industry: it’s as strong as exists around the world,” says Enda McMahon, head of Irish operations at BlackRock. The world’s largest investment firm has had a presence in Ireland for 30 years, mainly as a domicile for its investment management products. Today, BlackRock’s 140-person operation in Ireland has more than $1.5 trillion (€920 billion) of assets under management in its Irish-domiciled funds, making up a quarter of the total funds market by value.
Ireland is a prominent location for establishing and managing UCITS funds. McMahon points out that around 25% of BlackRock’s sales for UCITS comes from the Asia-Pacific market and a further significant percentage from Latin America.
Vanguard Ireland is a steward of the assets of 50 million clients worldwide. “What’s important to them is that we are a trusted organisation, and the products and services that we offer are trusted. The UCITS framework, as overseen by the Central Bank of Ireland, is a brand that has the interests of investors at heart,” says Vanguard’s head of Ireland Lisa Harlow.“It’s a powerful global brand: it stands for a transparent, well governed risk-controlled product. The brand is associated with excellent protection and outcomes for savers.”
Vanguard is the second largest investment company globally, managing more than $10 trillion in assets. Harlow describes Vanguard Ireland as in a “strong growth phase”, where the workforce in Dublin is “heading towards 90”. It has registered funds in Ireland since 1998 and in 2019 it opened an office in the capital.
Global roles in Ireland
One of the key selling points for Ireland is a strong pipeline of talent; encompassing third-level graduates and experienced professionals who choose to relocate here. Many companies have global leadership roles and executive positions sitting in Ireland. Mediolanum International Funds Limited (MIFL)’s investment headquarters in Dublin employs 200 people with key front-office roles with investment decision makers. Furio Pietribiasi, the company’s CEO, explains: “From end to end, everything is done here – from product design to investment management activity to marketing and distribution support in Italy, Spain and Germany.” MIFL has €70.8 billion in assets under management as of December 2024, and more than 65 funds. Like many of its peers, the company has been in Ireland for a long time – more than 25 years.
For Northern Trust, Ireland is a strategic location within its global asset servicing business. “For Northern Trust, whatever investment product a client may approach us for help in supporting or launching – from straightforward investment strategies through to more complex funds of funds, liability-driven investments, real estate, private equity, and infrastructure funds – we can service it all from Ireland,” says Melíosa O’Caoimh, country head of Ireland.
“Key global projects are driven from Ireland, which bolsters our attractiveness and means we are a source of skilled, high-value jobs and expertise. This has also helped us attract experienced Irish people both in Ireland and from overseas,” O’Caoimh adds.
Availability of talent
Ireland’s investment management industry has local expertise which spans a full range of services. Management company, portfolio management, fund administration, depositary, custody, governance, risk and compliance skills are all readily available. “Investment management firms in Ireland offer an interesting career path with well paid jobs. Many of the firms also have significant technology and innovation operations here, and this is becoming more prevalent. These firms are successfully attracting people from both the financial services and technology sectors,” says Conall Dee, co-head of investment management at IDA Ireland. BlackRock’s Enda McMahon notes that asset management is a people business, and although the market for certain skills has become competitive, he finds the company is able to find excellent talent. “It’s a credit to our educational system in Ireland and the excellent training that people get here, for instance in professional services firms and fund service providers” he says.
In Ireland, BlackRock’s structure includes risk, governance, compliance and oversight functions, as well as a strong board. “Our people here make our operation one of the most efficient and productive,” McMahon says.
Europe’s ETF market still shows “huge growth potential”, when compared to the much larger US market, McMahon adds. He points out asset management is a scalable business, noting that since he joined BlackRock in 2013, it tripled its global assets under management and increased its number of staff by around 80%. “We have ambitious plans for Ireland as a place to do business,” he says.
Ireland driving global innovation in investment management
Asset management companies, like the many multinationals based in Ireland, benefit from a rich ecosystem where leading names in technology coexist with globally recognised financial services businesses. That’s by design: this closeness can lead to collaboration, partnering on research, or in some cases people moving roles from one industry to the other. This happens naturally by virtue of Ireland’s high level of industry connectivity and IDA Ireland sees its role as facilitating connections where peers get a chance to meet and exchange ideas.
“We were introduced directly to some of the largest fintech firms in Dublin, we met their top management and we learned how they’re organising delivery and managing their innovation. What the IDA brings to the table is providing opportunities for organisations to connect with and observe the evolution of organisations in other industries, and that’s very powerful,” says Quilligan.“Without doubt, having a cluster of companies situated in close proximity helps,” says Declan Quilligan, head of hedge fund services at Citco, which is a provider to the alternative investment industry, servicing more than $2 trillion in assets under administration.
Ireland is well placed because of its success in attracting inward investment across a variety of sectors, allied to an active research ecosystem. This means there is a strong track record in technologies that are coming increasingly to the fore in the financial services sector. One example is Amundi, Europe’s largest asset manager and in the top 10 worldwide. The group’s operation in Dublin is a co-hub for Amundi Technology, the company’s in-house application and system development business, which provides technology solutions and services to third parties in the financial services sector. The Dublin hub employs 400 people across front and middle office functions, and management company services. Its third-party distribution team also serves Irish clients with Amundi’s wide range of products and services.
Northern Trust’s Irish operations are strategically important and have a strong technology component. Many of the global technology projects that support the company’s clients are driven from Ireland, such as those led out of its Limerick–based Innovation Laboratory, which was established in 2018.
“Here, we are using robotics, machine learning and other technologies to improve efficiency and help our employees to move up the funds industry ‘value chain.’ We remove the jobs that are repetitive in nature where we can – and by doing so provide people with more time to focus on the value they can bring to their roles. This expertise also plays a significant role in the development of our data platform and use of digital technology to facilitate enhanced functionality, speed, and insight for clients,” says O’Caoimh.
A key recent milestone for State Street’s Irish operation was the formal opening of a global cybersecurity centre at its office in Kilkenny in 2024. Terri Dempsey, CEO and country head of State Street Ireland, describes it as a “fantastic coup” for Ireland to be chosen as one of only two such global ‘fusion’ centres for the business – the other is located at State Street’s headquarters in Boston.
The fusion centre protects over 200 markets outside the United States. “That is 24/7 cyber coverage for the bank, keeping the bank’s assets safe,” Dempsey explains. “The rationale for selecting Ireland was the time zone advantage into Europe – APAC can be covered from here – and the wider infrastructure and skills availability and openness to develop and grow a team from here.”
The choice of location was no accident: “25 years ago, State Street was the first financial services organisation to place a significant part of its workforce outside of Dublin and the new centre is located on that mature footprint in Kilkenny. That wouldn’t have been committed to if not for 25 years of regional success,” says Dempsey.
She believes State Street can take some of the credit for expanding Ireland’s financial services sector beyond its traditional home in Dublin. Since then, many financial services providers have chosen to set up in various locations across Ireland. “We proved it was an effective strategy and others followed,” Dempsey says.
Another consideration which helped to make the case for locating the cybersecurity centre in Ireland was the education system. Universities across regional locations in Ireland are producing a steady stream of skilled technology graduates to fill the high-value roles. “The openness to engage with universities and influence some of the curriculums being taught was a big factor,” Terri Dempsey confirms.
Similarly, Northern Trust operates out of Dublin and Limerick. It has serviced Irish clients since 1989 and established a Dublin office in 2000, with its Limerick premises following in 2007. The latter office now employs 1,400 people, with 400 in Dublin.
IDA Ireland support and the broader ecosystem
Ireland offers a variety of locations for a financial services company to locate, it can avail of access to support and a collective, collaborative spirit. IDA Ireland looks to build ongoing relationships with clients that last long past the initial decision to invest in the country. As a relatively small but growing business in Ireland, Vanguard’s needs may change, and Lisa Harlow values the strong partnership and support from IDA Ireland. “When we have a challenge or an opportunity, we have the relationships and the sources to be able to find what we need. Having a relationship with the IDA means you can explore a range of matters from how to attract talent and develop skills to how you source property. It could be to connect with a peer in the market to discuss a particular topic or challenge. That gives you reassurance that you have somewhere to go should the need arise. For me, that’s absolutely critical, and I hugely value that ongoing dialogue and support and information flow.”
“I would almost call it Ireland’s superpower. I think the connectivity and the willingness to put on the green jersey, as it’s called, is really important, because there are many areas where either within our category of firms, or more broadly, there are shared interests, a desire to move things forward, and a desire to give back to our communities, whether it’s through the IDA, or other organisations like the Institute of Bankers, and industry associations. I do think it’s a particular strength that I’ve certainly come to hugely value during my time in Ireland.”
Mediolanum’s Furio Pietribiasi agrees. He has spent more than 20 years in Ireland, during which time he has sat on numerous advisory groups between Government and the private sector. That’s given him a perspective on what he says is Ireland’s “unique” approach to working with industry. “Ireland is a fantastic example of the dynamism between private and public cooperation in shaping the skills of the future. When we look at other jurisdictions, companies are left on their own. Not only is there great support between public and private entities in Ireland, this then flows down to universities, training centres and research centres,” he says.
“It’s one of the key factors that makes the Irish ecosystem exceptionally competitive for organisations like ours,” he explains. “It allows us to operate on par with global players.” In asset management – and financial services more broadly – standing still means falling behind. Ireland offers an ambitious, forward-looking environment, equipped with the tools and infrastructure that enable companies to remain at the forefront of innovation and performance.
Having held various senior roles both in Ireland and other jurisdictions, BlackRock’s Enda McMahon believes Ireland enjoys a level of collaboration between industry players and a willingness to share experience and good practice that’s not easily replicated elsewhere. “We find the various government departments very approachable and always open to engaging with the industry, with the IDA a particularly strong partner. The ecosystem is excellent, and by that, I mean not only asset managers but who they interact with, professional services firms, fund service providers and industry associations. They’re arguably the best I know.”
Support for client transformation
Citco’s Irish operation has a technology solutions centre for the firm’s core bespoke platforms, and IDA Ireland has supported the company across several projects. “We’ve found them extremely committed to understanding what we’re trying to do as a business, looking to develop our skills base,” says Bernadette White, EVP for learning and development at Citco Ireland.In 2023, Citco availed of training support from IDA Ireland, which focused on three areas linked to the company’s strategy: strengthening leadership capabilities, enhancing frontline manager skills, and equipping its people with expertise in the latest technologies.
“We’re already seeing the positive impact on our leadership. A lot of the leadership in Ireland also hold senior global positions, so we consider Ireland to be a strategic office and we’ve got representation across most business lines in the organisation sitting in Ireland,” adds White. The learning and development that it applied has had a positive outcome on the company’s people. In one case, the company reported “significant improvements” in staff engagement scores with frontline managers.
Citco is also carrying out feasibility studies for a multi-year transformation project to adopt generative AI within the business. “To have that kind of support in Ireland is extremely beneficial to the development of the engineering and design functions here. And the IDA helped us shape the programme,” says White.
In 2023, Mediolanum took part in the Strategic Talent Development Programme developed by IDA Ireland, in partnership with Skillnet Ireland. Following this programme, the company progressed to develop a strategic learning and development plan, an ambitious three-year training initiative aiming to bolster specific technical skills within the business, along with competencies matched to Mediolanum’s culture. Another objective of the programme is to foster innovation, sustainability, and adherence to ESG standards. The support of IDA Ireland with the learning and development was critical, Pietribiasi says.
Future plans for Ireland’s investment management sector
Northern Trust’s Melíiosa O’Caoimh is optimistic about the future of the sector in Ireland. “Emerging opportunities include the EU’s capital markets union initiative and its desire to promote retail investment across Europe, and the prospect of ‘tokenising’ funds at scale, to help make investments more efficient and accessible. We will also play our role in helping grow Ireland’s reputation as a natural home for private markets investment strategies,” she says.Building upon decades-long support for the investment management industry, strong talent development, and an environment that cultivates the right balance between competition and collaboration, the groundwork is in place for the next wave of investment into Ireland. IDA Ireland will continue to be a committed partner with resources and initiatives to support the investment management sector, which can be sure of continued assistance and guidance as it evolves.