The Brexit exit from London continues with Legal and General the latest financial services company to say it is moving jobs from the UK to Dublin.
Legal & General Investment Management has choosen Ireland for part of its investment management operations – a move welcomed by IDA Ireland.
It is expected that the move, which remains subject to regulatory approval, could see 50 jobs moving here.
The company said the move is part of its strategy to ensure it can continue to serve its customers after Brexit.
Legal & General said it foresaw no impact on operations and staff in other LGIM locations.
Established in 1836 and headquartered in London, Legal & General Group provides insurance, savings and investment management products, and headquartered in London.
LGIM, a top 10 global asset manager with assets under management of €1 trillion as at the end of 2016, is one of the biggest investors in the UK stock market.
Martin Shanahan, the IDA’s chief executive, said that Legal & General’s decision is another very important signal to the market that financial services companies can come to Ireland quickly and service their European customers, with minimum disruption to their business.
“This is another vote of confidence in Ireland and its expanding international financial services sector, and shows that our track record, pro-business environment, highly skilled talented workforce and an unwavering commitment to the European single market continues to appeal to investors,” Mr Shanahan added.
The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor said L&G’s decision illustrates the strength of Ireland’s position in attracting significant companies in the financial services sector.
Although asset manager Legg Mason said in March that it was setting up a management company in Ireland, Dublin missed out on two high profile moves after insurer AIG chose Luxembourg and Lloyd’s of London chose Brussels.
L&G’s decision is the second boost for Dublin this month after JPMorgan Chase, which currently employs around 500 people in Dublin, said it had agreed to buy a building in the city with room for 1,000 staff.
Fellow insurer and asset manager Standard Life said last week that is was likely to choose Dublin as the base for its EU subsidiary after Britain leaves the bloc.