Salary Brackets
Irish Economy Growth & Fund Administration
Fund Administration is as lucrative as ever before. 2015 and 2016 were indisputably strong years of growth for the Irish Economy with growth levels revised upward to 26% in 2015 which had little tangible effect on the Economy itself, the figure
distorted by multinational inverted tax deals where billions of euro in balance sheets were relocated to Ireland. On the whole however the underlying economy grew by 4.1% in 2016, not far from the predicted 4.3%. Several GDP predictions have been revised downward for 2017 due to the uncertainty surrounding the UK referendum and currently sit at expected growth of 3.6%.
Brexit
From the initial shock of Brexit has come a broadly positive sentiment for the Fund Administration industry though the future is still foggy to say the least. The Central Bank is currently receiving inquiries from firms based in London on an almost daily basis regarding the means to facilitate the transfer of offices, and ultimately jobs to Ireland and Quest Recruitment have engaged with several Financial Services firms whom are considering their options in the wake of likely issue with access to the free market.
Moving Operations to Ireland
We would be of the opinion that banks will begin moving some operations to Ireland in 2017, particularly within Middle Office and partial Front Office functions within Fund Administration. This will of course take time, with banks more focused on acquiring regulatory approval. Both HSBC and UBS recently warned they could move as many as 1,000 jobs out of London. We would expect that as early as the end of Q1, all banking institutions will have solidified their relocation plans with jobs being moved to Dublin, Luxembourg, Paris and Frankfurt.
Download full market update and salary survey here —–> 2017 Salary survey
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