Deutsche Börse Group expands its Cork presence
- Deutsche Börse Group intends to grow its Cork presence to 600 employees, adding a further 200 jobs over next two years
- Expansion driven by product growth in Clearstream’s funds services, product innovation capacities to be added
- Company to move to newly built Cork city centre office by March 2019
Deutsche Börse Group has announced that it will further expand its activities in Cork, Ireland, to reflect the growing funds business of its post-trade services arm Clearstream. Moreover, the firm will add product innovation capacities to drive the digitisation of its business model. The financial market infrastructure provider, which is among the largest worldwide, will move to a new office space in early 2019.
Since transitioning to Deutsche Börse Group in October 2014, the Clearstream operations in Cork have gone from strength to strength. Having started out with 274 employees, the current office in the Airport Business Park now counts 362 employees – envisaging to add a further 200 employees over the next two years. New premises have been selected in the Cork city centre to accommodate the company’s current and potential future headcount needs.
The new building, which will be completed by March 2019, will be part of Navigation Square, the largest and most significant office development to be undertaken in Cork City’s commercial centre. In addition to the Group’s funds processing operations and product development activities, new positions will be created in accounting, finance, business management and IT.
Philippe Seyll, Co-CEO of Clearstream Banking S.A. and Head of the firm’s Investment Funds Services, explained: “We have decided to invest in our Cork presence to allow for further growth and a competitive set up in the future. Our current workforce in Cork as well as the high quality local graduate talent available from University College Cork and the Cork Institute of Technology have proven to be a great source of talent, supporting the success story of our business.”
Tanaiste Simon Coveney TD said: “Cork is a key international hub for our global growth objectives and a very attractive location for International Financial Services companies from all over the world. The decision by Deutsche Börse Group to expand its activities here is very positive. As a Government we continue to work hard to ensure that we have the right conditions and skills to attract knowledge based sectors to Ireland. These conditions and skills are key to facilitating expansion by high-calibre companies.”
IDA Ireland Executive Director Mary Buckley welcomed the announcement, saying: “This announcement by a company of the calibre of Deutsche Börse and its post-trade services provider Clearstream, that it is scaling up its operations with the addition of 200 new roles, is great news for Cork, for the South West Region and for Ireland. It reinforces Ireland’s leadership position as a global location for Investment Management in servicing and operations activities. This investment adds to the growing list of IFS clients locating projects of scale in regional locations and will act as a valuable reference site when marketing Investment Management activities in the South West Region. I wish them every success with this expansion.”
Speaking on behalf of the Cork Financial Services Forum, Eoin Motherway, Chairman, said: “We are delighted that Clearstream is expanding their footprint in Cork, thanks to the wide availability of technology and financial services talent in the region. Clearstream’s renewed commitment to Cork sends a clear message about the strength of the growing financial services activity in the region.”
About Deutsche Börse Group
Deutsche Börse Group is one of the largest exchange organisations worldwide. It organises markets characterised by integrity, transparency and safety for investors who invest capital and for companies that raise capital – markets on which professional traders buy and sell equities, derivatives and other financial instruments according to clear rules and under strict supervision. Deutsche Börse Group, with its services and systems, ensures the functioning of these markets and a level playing field for all participants – worldwide.
As an international central securities depository (ICSD), headquartered in Luxembourg, Clearstream, which is part of Deutsche Börse Group, provides the post-trade infrastructure for the Eurobond market and services for securities from 56 domestic markets worldwide. With 13 trillion Euros in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities. Alongside its highly automated mutual fund services, Clearstream provides clients with a ‘one-stop shop’ solution for all fund types.
About Navigation Square
Navigation Square is a 350,000 square feet office development, consisting of four separate buildings of fourth generation office space, designed to Gold LEED standards. Due for completion in March 2019, the development includes flexible floorplates and roof terraces with spectacular views of the city and port, a large central plaza with café and restaurant units with parking and staff facilities contained in a double level basement of 100,000 square feet. Navigation Square is being developed by O’Callaghan Properties, one of Ireland’s longest established property development and investment companies with commercial, retail and residential projects throughout Ireland and the U.K