Belfast Telegraph

US financial services firm State Street set for Belfast expansion

Ryan McAleer

By Ryan McAleer

US financial services giant State Street is planning an expansion into Belfast, it has emerged.

The Boston-headquartered corporation, which employs around 40,000 people across the globe, has embarked on a recruitment drive for a new technology team in Northern Ireland.

The company is currently seeking at least 11 Belfast-based software engineers.

The initial recruitment drive is believed to be a precursor to an announcement, expected to be made later in the year.

The financial services company is believed to be working towards a new technology centre in the city.

Property website React News has reported that the company is seeking a technology-focused office in Belfast capable of housing at least 100 employees.

State Street already has offices in London and Edinburgh, but the group has a significant presence in the Republic, operating from five locations. Since setting up across the border in 1996, State Street now employs over 2,500 people in the Republic.

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The company has said it is now seeking "strong software engineers" for Belfast.

State Street says while it is not a household name, it considers itself "one of the world's largest and most important financial services institutions", providing round-the-clock services to the global investment community.

"We touch $33trn (£27trn) in assets every day and are the world's third largest investment manager with over $2.8trn (£2.3trn) in assets under management," it said in a statement.

"To do this we manage as much data as one of the internet giants on nearly as large a technical footprint."

Last year the company saw the group launch a major technical transformation project.

State Street has compared it to building a new bank from the ground up.

The financial services group is the latest US firm to make the move to Belfast in recent months in the hope of tapping into the talent pool here.

In June, Silicon Valley firm Dynamic Signal announced plans to create 100 jobs in Belfast in a new technology centre.

In February, San Jose-based Signifyd, which makes anti-fraud software for online transactions, announced 150 new jobs for Belfast. Both companies established their initial Belfast bases at River House on High Street.

Belfast Telegraph