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The word is out – Cork is becoming one of Europe’s leading hubs for the Financial Services sector! Why? The ever-growing pool of talent, state-of-the-art office developments, high tech back up and industry-led centres of excellence are just part of the reason.
100% of Financial Services businesses in Cork believe Cork has the ability to attract and retain top international talent. 95% agree Cork is a competitive location for the International Financial Services sector.
Cork University Business School Survey - March 2017
A major part of this remarkable expansion is the marked investment in fund administration with names such as BNY Mellon, HedgeServ, Citco, Alter Domus, Ipes and Apex Fund Services leading the way. Among the other big players investing in the sector are AIG, Monex, Global Shares and Continuum. So delighted with their Cork operations are Deutsche Borse Group, they are hugely expanding their post-trade services arm Clearstream, whose Cork operations have gone from strength to strength.
Now Ireland’s second city for Financial Services, after Dublin, Cork’s fast expanding sector now numbers over 30 international organisations. With its post-Brexit status as Europe’s second largest English speaking city imminent, these record levels of investment are rising fast. Cork is not just renowned for the scale of the sector but its breadth too. Every aspect of Financial Services is represented from fintech, fund administration, risk management and compliance to insurance, captive finance and shared services.
World-class office space
As for top quality accommodation, the one billion euro flagship regeneration of the Cork docklands area is gathering pace, significantly adding to Cork’s Grade A office space capacity on a 220-hectare site in the heart of the city. A key part of this will be the forthcoming 350,000 square foot Navigation Square office development. Fourth generation office space, designed to Gold LEED standards!
Latest tech – supplied locally
Cork’s dynamic high tech start-ups are a big attraction for global companies who want to exploit the latest technology. Typical of this growing trend is TransUnions’s recent €40 million acquisition of fraud prevention start-up Trustev. Working as a combined company with Trustev, TransUnion use their globally recognised digital verification technology to create ever more innovative ways of identifying fraud for their customers.
More business graduates than anywhere in Ireland
Cork’s unrivalled number of locally produced graduates in Financial Services related areas is a key attraction for the sector. Cork produces the highest number of business graduates anywhere in Ireland. Part of University College Cork (UCC), Cork University Business School is the second largest business school in Ireland, producing more than 1,000 graduates annually, while Cork Institute of Technology (CIT) has over 2,800 business students enrolled over a wide range of courses including accountancy, marketing, human resources and business administration.
Cork University Business School is the second largest business school in Ireland, producing more than 1,000 graduates annually. Cork Institute of Technology (CIT) has more than 900 international students from 65 countries.
The fight against fraud
With online fraud one of the key challenges for the Financial Services sector, Cork’s role as Ireland’s leading hub for cybersecurity, including its world-class centres of excellence for students at CIT and the Tyndall institute, is a huge advantage for companies based here.
Centres of Excellence
Pushing back the boundaries is part of the Cork ethos of business. A host of workshops, centres of excellence and research facilities continue to drive the sector. University College Cork (UCC) hosts two industry-led centres, focusing on semantic technologies and GRC solutions. With EMC, UCC also leads the Boole Business Lab – a collaborative alliance between industry and academia – which focuses on areas ranging from business systems integrity and risk analysis to support compliance.