Legg Mason picks Dublin as post-Brexit home

A raft of insurance firms are also keen on the capital...

Legg Mason picks Dublin as post-Brexit home

Picture by: Rob Carr/AP/Press Association Images

Global investment giant Legg Mason plans to establish a fund management company in Dublin.

A spokeswoman for the group, which controls over $710 billion (€670bn) in assets, told The Irish Times:

"The firm has a management company in the UK and will have one in Dublin to allow us flexibility to serve clients as needed.

"As the outline of Brexit becomes clearer, we are well-positioned to respond as needed to ensure we are ready to serve our clients."

It is not known how many jobs will be created as a result of the move.

Elsewhere when it comes to a post-Brexit silver lining, the Central Bank has confirmed that 30 insurance firms have either expressed an interest in, or sought authorisation for, establishing a new European base in Ireland.

The news comes a day after US insurance heavyweight AIG announced that it had opted for Luxembourg to become the home of its new operation for European Economic Area and Switzerland, rather than Dublin.

Five companies have gone as far as seeking authorisation as insurance or reinsurance undertakings since November, with another five firmly intending to do so.

The remaining 20 have contacted the Central Bank to discuss the matter.

Sylvia Cronin, director of insurance supervision at the Central Bank, said at a KPMG-organised event on Thursday:

"Unlike other financial sectors, insurance firms are not generally waiting for Article 50 to be triggered before implementing their strategies on location."

Fine Gael deputy leader James Reilly (pictured)has told an Oireachtas committee hearing that he knows "for a fact" that an unidentified major financial services company will be bringing 450 jobs to Ireland, while Taoiseach Enda Kenny told reporters in Brussels this week that he is “absolutely convinced" that "substantial" investment from the financial services sector is incoming.