Aberdeen Standard Investments to set up business hub in Ireland

DUBLIN, Feb. 26 (Xinhua) -- Asset manager Aberdeen Standard Investments (ASI) will establish a business hub in the Irish capital in a bid to meet the needs of its customers across Europe after Britain leaves the European Union, local media RTE reported Monday.

"The Irish hub, which will contract directly with European clients and oversee our European branches, complements our Luxembourg hub which manages funds across Europe," said Gary Marshall, head of the Europe, the Middle East and Africa division of ASI.

"These two businesses, working together and with our German business based in Frankfurt will ensure that we continue to meet the needs of our customers and clients across Europe, after the UK leaves the European Union," said Gary.

ASI has appointed the head of its Dublin office and the number of its Dublin office staff will eventually reach 20, said the report, adding that ASI's Dublin office is yet to be subject to regulatory approval.

Irish Minister for Business, Enterprise and Innovation Heather Humphreys described ASI's decision as "a great win for Ireland" as Ireland has been trying to attract more financial services firms to set up operations in Dublin in light of Britain's withdrawal from the EU.

Martin Shanahan, CEO of Industrial Development Authority Ireland, a state agency responsible for attracting foreign direct investment in Ireland, hailed the move as a notable endorsement for the Irish investment funds industry.

ASI is an investment arm of Standard Life Aberdeen, a leading investment company headquartered in Britain. In Europe alone, the amount of total assets managed by ASI reportedly stands at over 70 billion euros (86 billion U.S. dollars). Enditem