Navigation Square’s NSQ1 office building in Cork, Ireland will house Clearstream’s growing funds business

Navigation Square’s NSQ1 office building in Cork, Ireland will house Clearstream’s growing funds business

Navigation Square’s NSQ1 office building in Cork, Ireland will house Clearstream’s growing funds business

New major location for Clearstream in Cork, Ireland

(PRESS RELEASE) FRANKFURT, 13-Sep-2019 — /EuropaWire/ — Deutsche Börse Group and Clearstream, its post-trade services provider, have announced that they are opening a new office in NSQ1 building at Navigation Square in Cork, Ireland. With the current expansion, Cork has already become one of the major locations for Clearstream clearly demonstrating that the city is already a vital and successful hub for the investment funds operations. According to Clearstream Chairman Stephan Leithner Cork has become a great ecosystem for funds and expanding its footprint there reflects Clearstream’s growing funds business.

Earlier this year, Clearstream had already moved its operations to Navigation Square bringing together the two sites at Airport Business Park and Eastgate Business Park under one roof.

According to Deutsche Börse Group some 600 employees are expected to be working in Cork by 2020 as the location will be housing administrative functions in addition to the funds processing operations and product development activities.

Commenting on adding the new location in Cork, Stephan Leithner, responsible Member of the Executive Board of Deutsche Börse AG and Clearstream Chairman, said:

“This is a very special day for Clearstream. It is more than just the inauguration of a new office, it is a commitment for us and the community to making our business thrive in what is a great ecosystem for funds, leveraging proximity to customers and talent alike.”

Attending the inauguration event, Simon Coveney, Tánaiste and Deputy Prime Minister of Ireland, commented:

“When an international company of Clearstream’s stature decides to significantly expand its operations, it shows the potential that Cork offers for companies such as Clearstream to grow, particularly in terms of talent availability, proven track record and the scale of the technology and financial services sector in the region. Deutsche Börse Group and Clearstream are valued members of the business community and we are proud of their decision to strengthen their commitment to Cork.”

Kieran Donoghue, IDA Ireland’s Head of International Financial Services, commented on the inauguration as well:

“Clearstream is a valued and respected employer in Cork, adding substantially to the local and wider regional economy. Having an international financial services company of this calibre expand its operations in Cork will act as an excellent reference seller for other similar potential investment and enhance Cork’s reputation as a location of choice for such investment.”

David Brosnan, Head of Clearstream Global Funds Operations and the Cork location commented on the new office opening:

“Our new office reflects our company culture. The new central office provides a platform for our dynamic and innovative staff to work and collaborate with each other. With its central location, NSQ1 not only enhances our international reputation as centre of excellence but also attracts the best of talent to our already amazing team.”

Deutsche Börse Group in brief

Deutsche Börse Group is one of the largest exchange organisations worldwide.

About Clearstream

Part of Deutsche Börse Group, Clearstream is an international central securities depository (ICSD) based in Luxembourg. It provides the post-trade infrastructure for the Eurobond market and services for securities from 58 domestic markets worldwide. Clearstream has round 14 trillion Euros in assets under custody and is one of the world’s largest settlement and custody firms for domestic and international securities.

More about Navigation Square

Navigation Square is a fourth generation 360,000 square feet office space project consisted of four separate buildings designed to Gold LEED standards. It was developed by O’Callaghan Properties, which is one of Ireland’s longest established property development and investment companies with commercial, retail and residential projects across Ireland and the U.K.

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SOURCE: Deutsche Börse Group



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