IRELAND – State Street Corp. could eventually employ up to 2,000 people in Ireland, the Boston-based bank’s chief executive Ron Logue has been quoted as saying.
The bank has been in Ireland since the mid-1990s, Logue said in a magazine interview. Together with International Fund Services, which it bought in 2002, the company now employs more than 1,100 staff in Dublin and Kilkenny.
He was quoted as telling Ireland’s Finance Magazine: “Ireland has become and will continue to be a major market for servicing offshore funds and hedge funds, and we see that business growing.
“Within five years, I could see us employing as many as 2,000 workers here.”
In June Logue said State Street was seeing its most dramatic growth in Europe – where it is growing three times as fast as in its home market. The company has around 4,500 employees in Europe.
And he told IPE at the time that any further acquisitions would have to involve cross-border assets - as “that’s where we make our money”.
“Our ‘secret weapon’ is our focus – we don’t have multiple lines of business to contend with and because of this we can continually invest in the business,” Logue was also quoted as saying in the magazine article.
He was also quoted saying there was room for investment management firms to outsource their middle and back offices to companies like State Street.