| Aviation recruitment still flying high |
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| The aviation finance sector in Ireland is riding high on a wave of expansion. The latest chapter in this growth has seen two more firms looking to recruit as their operations expand. Genesis Lease Limited, who has headquartered its operations in Ireland, is one of the firms looking to expand its workforce to meet the current demand in the sector. |
Two aviation finance companies are currently looking to hire, in what is a booming sector in the financial services market at the moment. Volito Aviation and Genesis Lease Limited are both looking to fill a number of positions as a result of recent expansions. This is the latest growth being seen in an industry that is experiencing massive expansion in this country.
Volito Aviation, the Swedish aviation group, is looking to expand its Irish operations. Volito Aviation Services (Ireland), Ltd., is a subsidiary of its Malmo headquarters. The company is currently looking to hire a vice president of marketing to help it continue to grow.
When Volito came to Dublin earlier this year, Jan Melgaard, president and CEO of Volito Aviation AB, cited the ‘cluster effect’, i.e. the number of other aviation finance companies present in Ireland, as well as the ‘excellent infrastructure’ present, in the form of competent people and advisers, as being key decision factors in the firm coming to Dublin. This decision has proven beneficial to the company as it seeks to expand its operations further in Ireland.
Also looking to hire in this sector is the Shannon headquartered Genesis Lease Limited, the global commercial aircraft leasing company which is headquartered in Ireland and incorporated n Bermuda. The firm, which came to Ireland in 2006, is looking to expand various aspects of its Irish operation, with positions available for commercial vice president, commercial manager, technical vice president, treasury manager, finance manager, senior financial accountant and financial accountant.
The firm, which was established last year to leverage the worldwide platform of GE Commercial Aviation Services Limited (GECAS) to service its portfolio of leases. The group currently owns 52 aircraft, which are on lease to 34 airlines in 18 countries. The firms’ aircrafts have a weighted average age of 5.8 years and a weighted average remaining lease term of 5.7 years.
The recruitment drive of Genesis and Volito further strengthens Ireland’s position of strength in the industry.
Dublin has risen to prominence for aviation finance firms in recent times as changes in the US tax code have made it more tax efficient to manage the leasing of aircraft into the US from outside the jurisdiction and have encouraged a new generation of lessor (CIT, Aircastle and others) to make Dublin an important operational base. |
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| Article appeared in the October 2007 issue.
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