The latest expansion plans announced by Northern Trust in Limerick marks the 17th investment by IDA Ireland in the mid west region in the past 18 months alone.
The firm is to add 400 new jobs over the next five years to its already 1,000 strong workforce locally further underlining Northern Trust’s commitment to the Limerick city region and puts down a strong marker for firms wishing to relocate due to Brexit.
Niall O’Callaghan, IDA Ireland’s Business & Relationship Development Manager, Mid West Region said: “The announcement by Northern Trust is supported by the Department of Jobs through IDA Ireland and marks the fourth time Northern Trust has significantly expanded its operations in Limerick.”
“It brings to 17 the number of investments made by IDA Ireland in the mid west region in a past year and a half. It is allowing us to build on the momentum that has seen the Mid West Region become the fastest growing region for FDI outside of Dublin.”
Limerick’s unique partnership and co-operation between all state and local agencies and the third level sector has been highlighted again with the Northern Trust announcement.
“The creation of up to 400 new jobs for Limerick underlines Northern Trust’s commitment to Ireland,” said Clive Bellows, country head of Northern Trust, Ireland. “We have seen growth in the scale and operation of our Irish business over the years and the continued expansion of our office in Limerick reflect this. We gratefully acknowledge the support of IDA Ireland and our local partners such as the University of Limerick and the Limerick Institute of Technology, where we have strong relationships, and recognise the pro-active engagement we have with Irish government representatives, and the local funds industry in Ireland.”
Making the announcement Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor TD said: “This is another great investment for Limerick and I welcome the additional 400 jobs being created over the next five years. As a Government we have been working hard to make Ireland an attractive location to do business, with a minimum of administrative hurdles. We value Foreign Direct Investment from companies like Northern Trust which is firmly in the knowledge based sectors. That is where we have strong competitive advantage. I wish Northern Trust well with its expansion.”
Outgoing Minister for Finance and Limerick City TD Michael Noonan said: “Northern Trust has had a presence in Limerick for a number of years and are now expanding their presence here further. I’m very proud of this endorsement of the people of Limerick and its surrounds. The access to markets, the skilled workforce and the quality of life in this region I’m sure are all positive influences in this decision. In the wake of Brexit it’s important that we continue to add jobs to the local economy and having met with Northern Trust in London late last year I’m grateful that they see Limerick as a key part of their future plans for their operations in Europe. I wish the company and all of their people further success in all of their endeavours.”
“The intangible benefit of the jobs announcements is a huge boost in morale, a huge boost in confidence. Go down the city on a Friday or Saturday night, especially if there is a big event on and there is a buzz around the place. There is a buzz of confidence, a buzz of high morale and the buzz of we can do it.”
Eoghan Murphy TD, Minister of State for Financial Services commented – “The announcement demonstrates the added-value of investing long-term in Ireland. Northern Trust’s initial presence in Dublin and subsequent expansion into Limerick is a proven model across all sectors of our economy – illustrating the excellent accessibility and availability of talent, and as a source of high-value and sustainable employment in the regions. The Government will continue to work closely with industry to implement the IFS 2020 Strategy in its aim to promote Ireland as the European location of choice for specialisation and innovation in financial services.”
IDA Ireland CEO, Martin Shanahan said: “Northern Trust has shown fantastic growth over its 10 years in Limerick and is now one of the largest employers in the Mid-West region. The company’s ability to attract and retain talent is proof positive that Limerick and Ireland is a location that is highly attractive and suitable for global companies in the financial services sector. This investment also reinforces Ireland’s reputation as the funds capital of Europe. This expansion is a clear vote of confidence in Ireland’s track record, pro-business environment, highly skilled talented workforce and commitment to the European single market.”
The Mayor of the City and County of Limerick Cllr Kieran O’Hanlon said “This announcement is a fantastic vote of confidence by Northern Trust in Limerick. The company has been in Limerick for 10 years and is constantly expanding its operations in the Limerick city region- to a place where they are one of the region’s biggest employers.”
“The continued success of Northern Trust in Limerick further cements Limerick’s reputation worldwide as an important location for financial services companies. With our co-operative and innovative approach, between the state and local agencies, third level sector and Limerick City and County Council, we are making Limerick an extremely attractive location for companies to invest.”
“The 400 jobs announced by Northern Trust will help boost the economy of the region even further and will act as a beacon for other companies wishing to look for a base in the EU ahead of Brexit.”
Northern Trust is one of the world’s leading financial services institutions and has had a presence in Ireland since 1989. It opened its Dublin office in 2000. Seven years later the Limerick office opened with 19 staff. Today the company employs 1,000 people across its two sites in Limerick at Hamilton House in the National Technology Park and City East Plaza close to Junction 29 Ballysimon on the M7.
“Limerick is a fund administration centre of excellence for Northern Trust supporting organisations such as leading alternative, multi-manager and traditional investment managers, pension funds, multi-nationals, insurance companies and not-for-profit organisations, worldwide,” said Catherine Duffy, general manager for Northern Trust’s Limerick office. “We aim to create an inclusive, diverse workforce and recruit graduates from across the local region as well as experienced professionals from around the world. We are committed to ensuring women are represented at senior levels of our organisation and have a number of employee groups established, one of which will host a day for our employees to bring their parents to work.”