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Regional centre profile: BNY Mellon, Cork Back  
Since it opened in February 08, the Cork office of BNY Mellon has offered a solution to the challenge of hiring quality financial employees. The company’s new business growth supported the expansion of its business in Ireland and the supply of high quality candidates in the region may lead the Cork office to nearly double the current level employed during the next two years
BNY Mellon’s Cork office was opened in the Cork Airport Business Park by Minister Miche?l Martin in 2007. As at 31 March 2008, there were 270 professionals providing a full range of fund services including fund accounting, transfer agency, financial reporting and trustee services. This covers both traditional and hedge fund services for our global client base. In addition to the excellent talent recruited locally, a significant number of the company’s Dublin staff chose to relocate to Cork.

BNY Mellon chose Cork as a strategic growth centre due to factors such as high quality infrastructure, excellent facilities, and the high number of quality graduates produced by universities and colleges in the region. The proximity of the airport, which was aggressively developing its international routes together with the good rail route to Dublin, was particularly important from an infrastructural perspective as BNY Mellon’s clients are global companies and there was the need to maintain close contact with larger Dublin operation, where they employ 900 staff.

Other than the standard challenges of developing a green field location, BNY Mellon has encountered no major difficulties in establishing its Cork operation. The crucial factor from the outset was to ensure that clients experienced no diminution in the service excellence upon which the firm has grown its business. Critical to the success in this regard was the permanent relocation of a number of senior staff, including the existing head of the Cork office, Alan Tarrant, to the new operation. These permanent moves were supplemented for extended periods by secondments of experienced staff from Dublin that ensured that newly recruited staff always had experienced staff to mentor them.

With a very successful and rapidly growing funds industry, one of the key challenges has been the continued availability of quality people to match the industry’s new business growth pipeline. For BNY Mellon, the opening of its office in Cork has been a great solution in meeting this industry challenge and has helped support the very rapid expansion of its business in Ireland.

As a major employer, BNY Mellon was not only considering the 123,000 people living in Cork City, but also the additional population of 325,000 living in Cork County. This has given them access to graduate quality and a diverse labour pool with the right mix of skills and experience providing added flexibility to support the ongoing servicing of their client requirements.

Cork is a strategic growth location for BNY Mellon and its primary focus will be to continue to grow and develop this location as a centre of operational excellence.

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