Availability of ‘tech talent’ and proximity to third level institutions a key consideration
State Street Corporation, one of the world's leading providers of financial services to institutional investors, is to establish a new specialist 400-strong team in Ireland to provide technology infrastructure and cyber security services to support group operations globally. State Street celebrates 25 years in Ireland and 20 years in Kilkenny this year and currently employs approximately 2,000 staff in Ireland across Dublin, Drogheda, Naas and Kilkenny.
Ireland has been selected in large part due to the availability of relevant and skilled technology talent – existing and emerging - from universities and third level institutions, as well as the need to have a location outside the US for time zone support purposes.
The new unit will be located at IDA Ireland Business and Technology Park in Kilkenny where State Street already employs approximately 600 staff and where the firm is in the process of developing a new state-of-the-art office. Reflective of new ways of working post COVID and of staff preferences for flexibility and remote working, the new office will accommodate above average occupancy levels enabling it to draw on a broad staff pool along the east coast and midlands.
The new unit will employ up to 400 high value, experienced and graduate level roles, across: programming, Cybersecurity Operations Analysts, Cybersecurity Instrumentation Engineers, Data Scientists, Cybersecurity Architects (Network, Identify Access Management and BlockChain), Cybersecurity Forensics/Investigations, Pen Testers and Governance as well as Risk and Compliance experts. The new roles will be filled on a phased basis over the next 2 years.
Commenting, Tadhg Young, State Street's head of Ireland, said:
"We are very pleased that Ireland and Kilkenny will benefit from this very substantial investment and the addition of high value, sustainable jobs. Today’s jobs announcement, alongside plans for our new state-of-the-art office development in Kilkenny, marks a further strengthening of our presence and commitment to the region for years to come.
“Ireland’s tech ecosystem and financial services credentials alongside Kilkenny’s central location and access to talent from third level institutions in Dublin, Carlow, Waterford and beyond were all compelling factors in our location decision. I wish to thank the IDA for their continuing support of State Street, and I strongly encourage anyone seeking a new career opportunity in a great location and with great prospects for professional development to check out our new roles.”
Welcoming the news, Leo Varadkar, Tánaiste and Minister for Enterprise, Trade and Employment said:
“This is a fantastic boost for Kilkenny. State Street, which already employs 600 in its Loughboy office and approximately 2,000 across the country has chosen to locate a new cybersecurity and technology unit in the county, creating up to 400 new jobs over the next 2 years. Ireland’s highly skilled and experienced workforce continues to attract the very best investment across the country. This announcement is further evidence of the phenomenal work the IDA is doing to attract and retain FDI in Ireland – the new unit will be based in the IDA’s Kilkenny Business Park. I wish all involved every success.”
Minister of State with special responsibility for Financial Services, Credit Unions and Insurance Seán Fleming said:
“I am delighted to welcome this transformational investment from State Street and would like to thank all of the executives involved in Kilkenny, the wider Irish operations and their colleagues in the US. The investment is an endorsement and a commitment to Ireland and the State Street team in Kilkenny. It demonstrates the vital role that regional operations can play in creating value for global firms. Both I and the team behind the Ireland for Finance Strategy wish State Street every success as they build out the team in the region.”
Martin Shanahan, CEO, IDA Ireland said:
“This significant announcement by State Street demonstrates not only the company’s continued commitment to Ireland but also the attractiveness of the South East Region’s value proposition. The new cybersecurity and tech roles announced for State Street’s new facility in Kilkenny will help shape the future of our economy and will support the company’s global operations. I wish State Street every success with this expansion.”
In Ireland, State Street is the largest provider of fund administration and custody services with $1.7tn in assets serviced across all asset classes. The Irish group also manages $317bn within its investment management division SSGA.
Today’s announcement coincides with the first anniversary of State Street’s support for the Rethink Ireland €1.5 million Ability to Work Fund which, in conjunction with the Department of Social Protection & the Department of Rural and Community Development, is helping develop the talents and skills of those living with a disability.