A new Irish Funds economic impact study, presented to the Cork Financial Services Forum, reveals Cork’s ranking within the national funds industry.
The report by Indecon found that there are 1,346 full time employees working within the funds industry in Cork – an industry in Ireland which contributes €837 million annually in direct taxes to the Exchequer, with 16,000 people now directly employed in the sector across the country.
The independent report focused on the profile and contribution of the investment funds industry to the Irish economy and found that activity and growth in the sector contributes €14 billion to economic output nationally, which is being dispersed in communities across Ireland.
Commenting on the report, Eoin Motherway, Chair of Cork’s Financial Services Forum said: “The Indecon report highlights the strength of Cork’s funds industry. We have a very strong international financial services cluster here already, with a depth and breadth of companies operating in this sector that cannot be found in any other regional location in Ireland.
"Recent jobs and growth announcements from companies such as Alter Domus, Clearstream and Rimes demonstrate industry confidence in Cork and we are working towards a target of securing 5,000 jobs in international financial services across the South-West by 2025.
"Cork has the largest cross-sector of IFS firms and disciplines in the country, outside of Dublin and we will continue our work in promoting this sector on the international stage under Cork Chamber’s ‘Connecting Cork’ initiative.”
Other key findings from the report include: Almost 33,000 total employment impact across the country; 150+ companies directly employing over 16,000 people in ten different counties; Regional employment opportunities across a significant number of our major cities and towns.
Cork Financial Services Forum is committed to promoting the Cork region as Ireland’s second centre for Financial Services via Cork Chamber’s Connecting Cork initiative.
The Forum is comprised of 20 members that represent the wide depth and breadth of the International Financial Services sector in the Cork region, as well as the local agencies and education institutes that support the development of economic growth in the region.