Northern Trust to transfer Irish operations 05 August 2011Dublin Reporter: Ben Wilkie
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Northern Trust is to transfer its Dublin-based securities lending business to its London offices following the completion of its acquisition of Bank of Ireland Securities Services.
Some custody activities will also be transferred. Insiders says approximately 220 of the approximately 750 staff will lose their jobs, including the vast majority of the securities lending team. It is believed there will be no staff transfers to London.
Northern Trust acquired the fund administration, investment operations outsourcing and custody business of the troubled Bank of Ireland group in a transaction that closed at the start of June. It paid around €60 million for the business, increasing assets under administration and custody in the country by approximately €70 billion.
The transfer of operations is expected to be completed by the end of this year.
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