Fidelity International is to relocate 100 of its UK staff to its Dublin office as part of “a long-term strategy”.
The asset manager, which established its Dublin operations in 2000 and has 65 staff in the Irish capital, claims the plans have not been influenced by the outcome of the EU referendum.
A Fidelity spokeswoman says: “Fidelity International is a global business and both the UK and Continental Europe are hugely important markets for us. Our presence in a country has not been driven by EU membership. Our UK domestic business has substantial scale and we are making considerable investments in it, this will not change.
“As a global company, the location of work and people is integral to our strategy. Looking at how we make the best use of each site we have globally to ensure we have the right roles in the best locations to best provide services to support our clients is critical and part and parcel of this long term strategy.”
Fidelity International currently has 2,000 staff in the UK. Earlier this year, the firm signed a lease for a bigger office at Dublin’s St George’s quay to expand its services.
“We have been recruiting into the Dublin office and there are some roles that will be moving from the UK but these plans have not been influenced by the EU referendum in the UK, it is part of the longer term strategy of right location and right roles,” the firm says.
The news comes as this week two other asset managers outlined their plans to relocate resources outside the UK following the country’s decision to Brexit.
Columbia Threadneedle said it will expand its existing Luxembourg office to ensure it can still serve EU clients.
As part of the plans it will move some fund managers to Europe and will also replicate some funds from its UK Oeic range into its Sicav range.
M&G has also said it is bolstering its Dublin presence in preparation for the UK leaving the EU.