According to Reuters, Legal & General Investment Management (LGIM) will move some of its operations, subject to regulatory approvals.
At this stage, L&G does not expect there to be any impact on operations and staff in other LGIM locations.
Aviva is currently turning its branches in Ireland into subsidiaries to meet the needs of its Irish insurance customers more effectively after Brexit, an Aviva spokesperson told the newswire.
European set up
LGIM’s decision mimics rival fund manager M&G, a subsidiary of Prudential, although it plans to set up a management company and distribution arm in Luxembourg.
L&G and Aviva’s decisions are a further boost to Ireland’s credentials after JPMorgan Chase, which currently employs around 500 people in Dublin, said this month it had agreed to buy a building in the city with room for 1,000 staff.
Fellow insurer and asset manager Standard Life also said last week that it was likely to choose Dublin as the base for its EU subsidiary after Britain leaves the 28-nation bloc.
Minimum disruption
Martin Shanahan, the head of IDA Ireland, the state agency that attracts foreign investment, said: “This is yet another very important signal to the market that financial services companies can come to Ireland quickly and service their European customers, with minimum disruption to their business.”
Shanahan said on Thursday that several firms, including insurers, asset managers and banks, had confirmed they had chosen Ireland and announcements would be made from June onwards.
