A key development in the maritime sector is the proposed International Shipping Services Centre (ISSC) in Cork
The ISSC is a concept proposal to create a world-class cluster of international shipping orientated companies centred in Cork Docklands. It is also a major urban regeneration scheme led by a group of individual and well-established property developers who plan to provide appropriate commercial, residential, and cultural amenities within the ISSC.
Technology is the number one FDI employer with over 14,000 professionals employed in the sector in Cork city. It is evident that technology is both transforming and disrupting financial services. The central role which technology will play in finance over the next decade is demonstrated by the decision by international bank State Street to partner with University College Cork and Zhejiang University to set up a Fintech Research and Development facility in Cork.
More recently there have been several developments in the area of alternative asset management and international private equity and this is an area of tremendous potential, given the success of these initiatives.
BNY Mellon also opened a business focused on mutual fund administration in 2007. Later they were also joined by Apex Fund Services, Hedgeserv and IPES, all establishing related operations. Other small clusters have built around expertise in investments and insurance. Davy, Investec and Blackbee all having a presence while in banking Bank of Ireland and AIB both provide a full service Corporate Banking offering in the region to FDI companies. In leasing, Ardmore Shipping, an international Corporation engaged in ownership and operation of a fleet of product and chemical tankers in worldwide trade, has their principal office in Cork. All of the Big 4 (Deloitte, EY, KPMG and PWC) professional services firms have full offerings in the city.
With a working age population of over 400,000 within a one hour commute of the city, there is clearly large capacity for tremendous expansion. Underpinning all of this success is a favourable cost base and excellent quality of life metrics.
The new centre will bring employment, investment and a new lease of life to the Cork Docklands and will continue to grow Cork city as a new financial hub in Ireland.