Republic could be big beneficiary of Brexit if it can attract fund managers

The Republic could be one of the biggest beneficiaries of Brexit if it can work out how to lure fund managers here, according to a leading industry figure.

Martin Gilbert, co-founder and former chief executive of Aberdeen Asset Management, told an online conference that the Republic had done very well as a fund administration and processing centre.

He argued that the Republic needed to work out how to attract asset managers to locate here so funds could be managed directly from here.

Mr Gilbert added that if the State succeeds in this the Republic would “be one of the biggest beneficiaries from Brexit”.

PTSB to cut 300 jobs in cost-saving drive

---

Ulster Bank chairman quits after two months ‘for personal reasons’

---

Plum aims for 300,000 customers with launch in Ireland

---

Permanent TSB needs to scale up to succeed

---

More than 170 asset managers and financial technology companies have set up shop in the Republic over the past two years, potentially creating more than 6,000 jobs.

Two-thirds of the firms based here intend to boost their presence in the Republic, according to Andrew O'Callaghan, PwC asset management partner.

He expects these businesses to create up to 6,000 jobs over the next 18 months with the correct focus.

David Clarke, policy director and founder of the Scottish-Irish Finance Initiative, said the Republic could potentially be a bridge into Europe for US, Asian and UK investors.