The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor; Minister for Finance Michael Noonan and Northern Trust (Nasdaq: NTRS) have said that the company is to further expand its operations in Limerick by adding up to 400 new jobs over the next five years.
The expansion is supported by the Department of Jobs through IDA Ireland and marks the fourth time Northern Trust has significantly expanded its operations in Limerick.
“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 recognize the pro-active engagement we have with Irish government representatives, and the local funds industry in Ireland.”
Making today’s 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.”
Minister for Finance Michael Noonan T.D. 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 endeavors.”
Eoghan Murphy TD, Minister of State for Financial Services commented – “Today’s 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 specialization 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.”
Northern Trust has had a presence in Ireland since 1989 and opened its Dublin office in 2000. Its first Limerick office opened in 2007 with 19 staff and today it employs 1000 people across its two sites in Limerick at Hamilton House and City East Plaza.
“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 organization and have a number of employee groups established, one of which today will host a day for our employees to bring their parents to work.”