Minister Martin announces Major New Financial Services Operation to Create 300 New Jobs for Limerick

Northern Trust Corporation establishes Fund Administration Operation with support of IDA Ireland

Minister for Enterprise, Trade and Employment Micheál Martin TD today (Thursday 7^th September 2006) announced a major new investment for Limerick. Northern Trust Corporation is to establish its second fund administration operation for Ireland in Limerick, with the support of IDA Ireland.

Making the announcement Minister Martin said, “Today’s announcement is superb news for Limerick. Northern Trust is a leader in the global financial services arena, well known for its cutting-edge technologies, highly focused business strategy and consistently strong performance worldwide. We are delighted with its decision to place this strategically important fund administration business here. It will considerably increase the profile of the Mid-West Region as a location for financial services activities. Northern Trust’s further investment is a testament to the success it has achieved in Ireland to date and shows that Limerick and its environs can provide a talented and skilled labour pool with the support infrastructure required by a world-leading financial services company of this calibre.”

Northern Trust Corporation, founded in Chicago in 1889, is one of the world’s leading financial services institutions. It specialises in providing asset servicing, asset management, wealth management and banking solutions to institutional and personal investors worldwide. It is one of the world’s largest global custodians and asset managers, a leading fund administrator in Europe and one of the largest wealth managers in the United States.

In 2000, it established a fund services division, Northern Trust (Ireland) Ltd. in Dublin which is now a major centre, currently employing over 400 people. To facilitate the rapid expansion of Northern Trust in Ireland, it has chosen Limerick as the location for its second fund administration business. The Limerick operation is to be a growth centre for Northern Trust in Ireland in mutual fund administration, CCF (Common Contractual Fund) administration and alternative fund administration supporting Northern Trust’s fund clients in Ireland and around the world. It will be based at Hamilton House, Phase 2, on the National Technology Park.

Vic Holmes, Managing Director of Northern Trust (Ireland) Ltd and head of Northern Trust’s offshore fund administration activities said, “Northern Trust continues to grow and broaden its service offering, and our operations in Ireland are no exception. We are making a multi million euro investment in a growth area of our business and anticipate that this will lead to the creation of up to 300 or more high level jobs. Limerick is a great location with access to graduates from the University of Limerick and the Institute of Technology, as well as having an excellent transport infrastructure that ensures the city is well connected to other major locations within, and outside of, Ireland. Ireland’s pro-business environment and the support of the Irish Government provide solid ground for a financial services company like Northern Trust whose global business activities depend heavily on the advanced skills and expertise of its professionals.”

ENDS/ETE 1619