DUBLIN (Reuters) - Aberdeen Standard Investments will establish an investment and distribution business in Ireland to ensure it continues to meet the needs of clients across the European Union after Britain leaves the bloc.
Dublin has been vying with Frankfurt and other European Union centres to attract banking jobs from London ahead of Britain’s planned departure from the EU in March 2019.
The global asset manager, part of Standard Life Aberdeen (SLA.L), said subject to regulatory approval, the new Dublin-based hub would complement its Luxembourg operation which manages over 100 funds marketed across Europe, Asia and the Americas.
“These two businesses, working together and with our German business based in Frankfurt will ensure that we continue to meet the needs of our customers and clients across Europe, after the UK leaves the European Union,” Gary Marshall, Head of EMEA at Aberdeen Standard Investments, said in a statement on Monday.
Victoria Brown, who previously led Aberdeen’s Luxembourg operation, has been appointed managing director of the new entity.
Barclays (BARC.L) and Bank of America (BAC.N) have also said they will set up EU headquarters in the Irish capital, while JPMorgan Chase & Co (JPM.N) plans to hire a significant number of people in Dublin in its expanding custody and funds business.
Standard Life Investments already has an operation in Dublin, serving Irish pension funds and other clients.
“This is a great win for Ireland as we seek to deepen and expand the range of financial services companies who are investing here,” Ireland’s Business Minister Heather Humphreys said in a statement.
“As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities and the government has, therefore, been making strenuous efforts to ensure that we have the right conditions in place in Ireland to attract the key knowledge based sectors.”
Reporting by Padraic Halpin, editing by David Evans and Jane Merriman