Hancock’s Man­ulife plans Dublin move

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Dearb­hail Mcdon­ald

MAN­ULIFE As­set Man­age­ment (MAM) — which has some €336bn of as­sets un­der in­vest­ment — is set to open an of­fice in the IFSC in a ma­jor boost for the fi­nan­cial ser­vices sec­tor as Brexit looms.

The global in­vest­ment be­he­moth, which trades as John Hancock in the US, and Man­ulife else­where, is un­der­stood to have sought au­tho­ri­sa­tion from the Cen­tral Bank of Ire­land.

In line with many fi­nan­cial ser­vices firms that have sought au­tho­ri­sa­tions, the ini­tial foot­print in terms of jobs cre­ated by MAM, which did not re­spond to queries, will not ex­ceed 50. Ear­lier this month MAM, which has its head­quar­ters in Toronto, Canada, named Morten Si­mon­sen as manag­ing direc­tor and head of distri­bu­tion for North­ern Eu­rope as MAM seeks to ex­pand in the re­gion.

In 2017, the Cen­tral Bank au­tho­rised 295 firms in to­tal and the ad­di­tional Brexit-re­lated work has strained re­sources. In a re­port on au­tho­ri­sa­tions for the first half of this year, the reg­u­la­tor said it failed to meet its pro­cess­ing tar­gets for nonEU au­tho­rised in­vest­ment man­age­ment firms for the first time due to a 27pc spike in sub­mis­sions in the se­cond quar­ter ver­sus a year ago.

Bar­clays, which is set­ting up a stand­alone sub­sidiary — and which will bring as­sets of some €250bn to Ire­land — is the largest Brexit win to date.

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