A Luxembourg-headquartered fund management company today announced plans for a Dublin office, in a move prompted by the UK’s Brexit vote.
FundRock, which has 70 staff in Luxembourg, is also due to move into the UK with the acquisition of Fund Partners, subject to regulatory approval.
It is understood that Ireland was chosen as a new office location in light of the Brexit vote. It was chosen because of its legal system, the English language and its business environment.
“There is significant uncertainty around the future of Single Market access,” Ross Thomson, head of the Dublin office, told City A.M.
“The solution FundRock offers now removes the uncertainty and provides clients with options and solutions insulated from geopolitical uncertainty and allowing clients to develop their international business in a model that overcomes the potential future barriers
“The current unknown situation around the future of the passporting of financial products means they FundRock can offer solutions to UK-based firms if the passport is lost.”
He added: “FundRock has already had numerous discussions with UK-based managers and have implemented a working group to monitor the situation closely and assist at each step of the process when article 50 is triggered.”
The Dublin office will initially have three staff, but will be seeking growth this year.