Expansion of IQ-EQ in Shannon driven by rising importance of Ireland as a funds domicile.
Global investor services group IQ-EQ has revealed plans to expand its Irish operations with the launch of a dedicated funds business at Shannon that will generate 45 new jobs over the next five years.
his move signifies the importance of Ireland as a funds domicile, particularly in light of recent changes to the Irish Investment Limited Partnership (ILP) legislation.
“This expansion is a solid endorsement of the strong talent pool available in the region”
IQ-EQ provides a comprehensive 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.
Senior leadership transfers
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 and Ireland cluster, including Belfast-based Eoghan Harney, who will hold the role of Director and Head of Fund Accounting.
“Establishing a Funds business in Ireland was a logical next step for IQ-EQ which has operated in Ireland for the last 30 years”
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.
The 45 new jobs created as a result of the expansion will be based from the Shannon facility and include roles in fund accounting, transfer agency and support functions.
“Establishing a Funds business in Ireland was a logical next step for IQ-EQ which has operated in Ireland for the last 30 years,” said IQ-EQ managing director Joanne McEnteggart.
“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. 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.”
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.
“Today’s announcement by IQ-EQ to expand its operations in the Mid West is a welcome addition to the region’s Financial Services cluster and is aligned to IDA Ireland’s strategy to win jobs and investment for regional locations,” said IDA Ireland CEO Martin Shanahan.
“This expansion is a solid endorsement of the strong talent pool available in the region. I wish IQ-EQ every success.”
By John Kennedy (firstname.lastname@example.org)