Merian has raided Link and LGIM in a series of senior hires as it becomes the latest asset manager to open an office in Dublin ahead of Brexit.
The £26bn fund house said its Merian Global Investors Europe Limited corporate structure will take effect in time for the expected Brexit deadline of 31 October 2019 and will ensure it can continue to market its Irish-domiciled funds within the European Economic Area post-Brexit.
With senior management now in place, it will look to make further Dublin-based appointments.
Richard Buxton, former chief executive, had confirmed in an interview that MGI was planning to establish an Irish management company in October 2018.
Merian confirmed it is not moving any assets offshore because its European clients already invest through its Irish fund range.
The office will be based in Merrion Square.
Willis Owen head of personal investing Adrian Lowcock said: “The fact that these announcements are still coming in so close to the deadline (even if an extension is likely) suggests that the offices will still get significant support and resources from the head offices operations based in the UK. No matter what your views of Brexit are, it is businesses which make plans that are going to be able to perform going forward.”
Paul Nunan becomes country head
The asset manager has appointed Paul Nunan (pictured) as country head, joining from Link Fund Solutions Ireland where he was responsible for leading the business since March 2007.
Nunan will report to Merian’s chief operating officer, Nicola Stronach.
LGIM investment risk manager Ross Allan will join as senior investment risk manager from November. At LGIM, Allan helped the business establish its Irish Ucits management company. He had previously worked at KB Associates in Dublin for over seven years.
Meanwhile, Shane O’Donovan has been appointed as head of compliance and enterprise risk, transferring from MGI’s Hong Kong office on 28 October 2019. Geraldine Gleeson has been appointed as financial controller, joining from KPMG.
Both Gleeson and Nunan will join on 21 October, which coincides with the day of the office opening. Gleeson, O’Donovan and Allan will report to Nunan.
Dublin accrues multiple fund houses setting up EU base
Merian follows a number of asset managers who have already moved their base to Dublin, ahead of Brexit.
In January this year, Hermes established an office in Ireland as a post-Brexit base for its European Union clients, while Royal London announced it would create 20 new jobs through its subsidiary in Ireland to compete for life insurance business in the country.
In April, First State Investments shifted €2.6bn (£2.2bn) from its UK Oeic range to Dublin and in June, Architas announced the appointment of 11 new roles at its Dublin-base.
Last year, Legg Mason also appointed Penny Kyle in December to lead a six-strong team in the Irish capital. It followed in the footsteps of Aberdeen Standard Investments, Legal & General Investment Management and others who had already established Ireland as a post-Brexit base.
Merian said the Dublin-based team will be responsible for business development and supervision of operations, finances, distribution, compliance, risk and governance of the firm’s Irish fund range.
Warren Tonkinson, managing director of distribution, added: “Europe is a core market for MGI and we are committed to growing assets in the region. The establishment of our Irish management company, and the recruitment of a highly skilled team, allows us to minimise the impact of a potentially disorderly Brexit on our marketing and distribution efforts.”
