US financial services giant State Street, which employs more than 2,500 staff in Ireland, is preparing to vacate a key building in Carrickmines in south Dublin within the next year and move the affected 176 staff to other locations.

The landlord of the property in Carrickmines is developer Michael Cotter's Muinellim Ltd.

“We have made the decision not to renew our lease in our Carrickmines location,” a spokesman for the group said. “All 176 employees currently located here will join State Street’s headquarters in Ireland on Sir John Rogerson’s Quay in Dublin by September 2017.”

Staff may also have an option to relocate to State Street's regional offices in Naas and Drogheda, he said.

‘Optimise’ use

The move by the largest provider of fund administration services in Ireland for international asset managers and hedge funds is designed to “optimise” the company’s use of office space, he said.

“[It] will have no impact on employment numbers,” he said.

State Street, which has had €25 trillion of assets under custody and administration globally at the end of June, recently celebrated its 20th anniversary in Ireland, where the number of people employed has risen by about 5 per cent in the last two years. It also has offices in Kilkenny.

The Irish operation is headed by Susan Dargan, who also has a wider role in charge of management and development of State Street's offshore business and alternative investment services businesses across Europe, the Middle East and Africa.

The Irish unit was previously headed by Willie Slattery, one of the highest-profile members of the international financial services sector in Ireland.