Legal & General Investment Management to set up Dublin base

Asset manager insists no jobs will be lost in London arising from decision

Company said there would be no “foreseeable impact” on operations elsewhere arising from the development

Company said there would be no “foreseeable impact” on operations elsewhere arising from the development

 

Dublin looks set for a modest jobs boost as Legal & General Investment Management (LGIM) confirmed it would be setting up a base in the Republic ahead of the UK’s exit from the European Union (EU).

The company is one of Europe’s largest asset managers and a major global investor.

It said on Friday there would be no “foreseeable impact” on operations elsewhere arising from the development.

“LGIM confirms it has chosen Ireland, subject to regulatory approval, for part of its investment management operations,” said the statement.

It’s more a precautionary measure in terms of our continued access to European markets.

“The decision is part of LGIM’s strategy to ensure it can continue to serve its customers, both in Ireland and across the EU, after the UK leaves the EU. There is no foreseeable impact on operations and staff in other LGIM locations.”

A spokeswoman for the firm said that although the development was Brexit-related, it was “too early to say” exactly what will happen or whether the posts will be brand-new jobs or relocated from the UK.

“We anticipate it being a limited operation,” she said. “We’re not moving to Dublin. We’re setting up. It’s more a precautionary measure in terms of our continued access to European markets. We want to ensure there is a seamless transition for our clients once the UK leaves.”