Financial services in Northern Ireland: continued growth

Northern Ireland's reputation for middle and back office activities in financial services comes on foot of recent growth in areas including financial services software development, infrastructure support, fund administration, operations (reconciliation, settlement, clearing), analytics and risk management. Financial services in Northern Ireland employs over 27,000 in more than 1,200 firms, and, in predominantly export oriented financial services businesses, some 380 firms. Some of the companies that have established operations are Citi, CME, Homeloan Management Ltd (HML), The Allstate Corporation, NYSE Technologies, a unit of NYSE Euronext, Capita, PriceWaterhouseCoopers, and, in funds administration, Heritage Administration Services, and Augentius. Other projects, such as the 1,000 jobs BPO project by Stream Global Services, announced in October 2013, points to the potential of financial services outsourcing positions which are part of the company's overall portfolio.

Northern Ireland’s first mover advantage in legal process outsourcing (LPO) projects was underscored in 2011 with the announcement that Allen & Overy LLP - one of the world’s largest international law firms - located a new support and legal services centre in Belfast. The announcement followed Herbert Smith's decision to set up an outsourcing operation in NI, the first top UK law firm to do so, and this was followed by US-headquartered Axiom Law in 2012. These arrivals follow in the footsteps of Citigroup's (Citi) Belfast compliance and transactions centre of excellence employing over 1,000 staff in the Titanic Quarter, with plans to expand employment to 2,100 following the announcement of 600 jobs in November 2014.



Special Focus

Directory of NI Financial Services & Professional Services Firms published

First mover advantage in Legal Outsourcing

The synergy between the IFSC and Northern Ireland

Former Secretary of State on financial services