Deutsche Börse Group, the provider of the Dax stock exchange and the pan-European Stoxx indices, will grow its Cork presence by adding 200 employees over the next two years.
As it grows the funds business of its post-trade services arm, Clearstream, Deutsche plans to move to a new premises in Cork city to accommodate its current and potential future headcount.
The new building, which will be completed by March 2019, will be part of Navigation Square, a significant development in Cork City’s commercial centre.
The Cork operation was acquired by Deutsche in 2014 from fund administration provider Citco. The company's 300 employees transferred to Clearsteam at the time, doubling the size of its hedge fund processing division.
Clearstream has added to its headcount since then and now employs 362 people at its airport business park base.
"We have decided to invest in our Cork presence to allow for further growth and a competitive set up in the future. Our current workforce in Cork as well as the high quality local graduate talent available from University College Cork and the Cork Institute of Technology have proven to be a great source of talent, supporting the success story of our business," said Philippe Seyll, co-chief executive of Clearstream.
He said the proposed expansion will involve recruitment in the group’s funds processing operation and product development activities as well as in accounting, finance, business management and IT.
‘Leadership position’
IDA Ireland executive director Mary Buckley said the announcement of further expansion was "great news" which "reinforces Ireland's leadership position as a global location for investment management in servicing and operations activities".
“This investment adds to the growing list of international financial services clients locating projects of scale in regional locations and will act as a valuable reference site when marketing investment management activities in the South West Region,” she said.
The Cork Financial Services Forum was established in 2008 to drive the advancement of the financial services industry in the region and its chairman Eoin Motherway welcomed the planned expansion, saying it reflected the wide availability of technology and financial services talent in the region.
“We are delighted that Clearstream is expanding their footprint in Cork ..... Clearstream’s renewed commitment to Cork sends a clear message about the strength of the growing financial services activity in the region,” said Mr Motherway.
Clearstream will move into Navigation Square on Albert Quay next year following the completion of the 350,000 square foot 4th Generation office complex in March by O’Callaghan Properties which has designed the building to Gold Leadership in Energy and Environmental Design (LEED) standards.
Headquartered in Luxembourg, Clearstream provides infrastructure for the Eurobond market and services for securities from 56 domestic markets worldwide. The company is one of the world’s largest settlement and custody groups for domestic and international securities with around €13 trillion in assets under custody.
