US investment firm Eaton Vance sets up shop in Dublin ahead of Brexit

Boston-based money manager Eaton Vance, which manages nearly half a trillion dollars in assets, has opened an office in Dublin ahead of Brexit.

The company, which has been operating in London since 2005, said the move was designed to ensure its clients a “smooth transition to a post-Brexit operating environment”.

It has seven staff working out of an office in the Sweepstakes development in Ballsbridge but said it is actively looking for bigger, longer-term premises that would "provide flexibility for expansion".

Asset managers account for more than half of the 100-plus Brexit-related applications that the Central Bank has received in recent years, according to IDA Ireland.

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The UK is adamant that it will negotiate continued EU passporting rights – effectively the ability to sell financial services across the bloc – for UK-based financial services firms, but it is unclear how this will work if the UK leaves the single market.

“While Brexit precipitated the establishment of a physical presence, we concluded that opening an office in Dublin was the correct decision no matter what the outcome of Brexit,” Eaton Vance said.

“Doing so serves to ensure our European clients experience a smooth transition to a post-Brexit operating environment irrespective of any related uncertainties, and is also consistent with our strategy of global expansion,” the company said.

It said its Dublin office, led by portfolio manager Aidan Farrell, would manage a range of global and international equity portfolios.

"Opening a Dublin office is part of our efforts to best support our clients in EMEA [Europe, the Middle East and Africa] and across the world," Mr Farrell said.

Dublin remains one of the most popular destinations for financial services firms looking to relocate post-Brexit. Approximately 30 companies have committed to relocating staff or operations to Dublin since the Brexit referendum result, according to EY.