45 jobs are to be created over the course of five years with the launch of a dedicated funds business in Shannon.
Global investor services group, IQ-EQ as part of its Irish expansion will hire new roles in Co Clare in fund accounting, transfer agency and support functions. IQ-EQ achieved authorisation as a fund administrator from the Central Bank of Ireland on 15 December 2020 and its new Irish Funds business will go live operationally on 18 March 2021.
IQ-EQ offer a range of compliance, administration, asset and advisory services to alternative funds, global companies, and private and institutional investors globally. This includes a 135-strong team in Northern Ireland, specialised in fund administration and depositary services, plus third-party alternative investment fund manager (AIFM) platforms in London as well as Luxembourg. IQ-EQ has been active in Ireland for over 30 years, providing a full range of corporate administration and structured finance solutions from its offices in Dublin and Shannon.
In expanding its funds service segment into Ireland, IQ-EQ will be transferring a number of experienced key personnel from the group’s wider UK & Ireland cluster, including Belfast-based Eoghan Harney, who will hold the role of Director and Head of Fund Accounting. Completing the senior leadership of the new business will be Gary Palmer, former Chief Executive of the Irish Funds Industry Association (IFIA), who will join the Irish operation as Chairman and Non-Executive Director. A new Head of Transfer Agency is also set to join the business in March 2021.
Joanne McEnteggart, IQ-EQ’s Managing Director for Ireland outlined that setting up a funds business in Ireland was the next “logical step” for the company. “Taking this step was very much a client led initiative with many of our clients and intermediaries looking to us to set up a funds operation in what is recognised as a key funds domicile. This is an important milestone not only for the Ireland team but for the Group as a whole as it takes us one step closer to achieving our strategic objective of becoming the most complete independent provider to alternative asset managers globally”.
CEO of IDA Ireland, Martin Shanahan labelled the announcement as “a welcome addition to the region’s financial services cluster” in a bid to win jobs and investment for regional locations. He said, “This expansion is a solid endorsement of the strong talent pool available in the region”.
Clare TD, Joe Carey (FG) believed the announcement came as “a welcome shot in the arm” for Shannon and the region. He believed the move “sends out a very positive message that, in spite of the pandemic, Shannon and the Mid-West remains open for business”.
Choosing Shannon for an expansion of Irish operations was noteworthy, Deputy Cathal Crowe (FF) felt. “45 jobs over five years may seem like a small number but it’s important to celebrate all wins, given the amount of people who have faced furlough and job losses since the onset of the Covid-19 pandemic”. He added, “I hope that this will be seen as a solid endorsement of Shannon and the Midwest region and help in luring more companies here in the not-so-distant future”.