Marshall Wace, a London-based hedge fund, is set to expand its operations in Ireland as part of its contingency planning for Brexit, reported The Financial Times.
The firm secured licenses from the Irish central bank to operate UCITS and AIFM management companies in Ireland.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The move will enable the firm to sell retail and alternative investment products across the European Union following the departure of Britain from the bloc in 2019.
The company did not reveal specific details about the increase in its Irish business, though such a move requires rise in headcount, the report said.
The firm did not disclose whether the Irish expansion will lead to employee relocation from its London, Hong Kong or New York branches or new hiring.
Marshall Wace chairman Paul Marshall supported the Leave campaign in the Brexit referendum, while its CEO Ian Wace supported the Remain campaign.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataSeveral investment firms have previously beefed up operations in Ireland in preparation for Brexit. These include First State Investments, which announced plans to shift up to £4.3bn of its client assets to Dublin.
Earlier this year, fund manager Baillie Gifford unveiled plans to open an office in Dublin. Moreover, Legal & General Investment Management received regulatory approval for its new management company in Dublin.
