Investor services group IQ-EQ will create 45 jobs in Co Clare over the next five years as the company expands its Irish operations with a dedicated funds business.
The global group, which provides compliance, administration, asset and advisory services to alternative funds, global companies, and private and institutional investors, will base the jobs at its Shannon office. Among the roles being recruited for are those in fund accounting, transfer agency and support functions.
IQ-EQ received authorisation as a fund administrator from the Central Bank of Ireland in December; the Irish funds business will go live operationally on March 18th 2021.
The new funds business will also see a number of experienced key personnel transfer from IQ-EQ's wider UK and Ireland business, including Belfast-based Eoghan Harney, who is to take up the role of director and head of fund accounting. Former chief executive of the Irish Funds Industry Association (IFIA) Gary Palmer will join the Irish operation as chairman and non-executive director, and the company will also welcome a new head of transfer agency in March.
“Establishing a funds business in Ireland was a logical next step for IQ-EQ which has operated in Ireland for the last 30 years. In fact, 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,” said IQ-EQ managing director for Ireland, Joanne McEnteggart. “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.”
The news was welcomed by Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar. The expansion is being supported by IDA Ireland.
The group has offices in Dublin and Shannon, with 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. In total, it employs more than 3,400 people worldwide.
