The hire is an example of how Ireland, an EU member state, has become an increasingly important financial hub to some extent following Brexit. It has also been a significant centre for European UCITS funds for more than two decades.

State Street Corporation, a global provider of financial services to institutional investors, has just appointed Terri Dempsey as country head of Ireland.

Dempsey will oversee the delivery of services and strategy for all of State Street’s operations in Ireland and report to executive vice president Cuan Coulter, the firm said in a statement. She is taking over the role from Tadhg Young, who was recently appointed as head of State Street’s global clients division and is now based in Boston.

Dempsey, who started her tenure with State Street in 2005, has held a variety of senior positions, the firm said. Most recently, she was responsible for the global delivery operational groups and served as interim head of State Street Funds Services (Ireland). Having spent more than 25 years in the Ireland financial services industry, Dempsey brings operational, governance and management experience to her new role. 

“Terri’s exceptional leadership skills, extensive knowledge of the Irish market and deep-rooted expertise in the finance industry align perfectly with our commitment to delivering unparalleled value to our clients and stakeholders,” Coulter said.

Dempsey's appointment comes as Ireland is seen as a growing financial hub, with €4.4 trillion ($4.6 billion) of domiciled funds in Ireland. After the UK voted to leave the European Union in 2016, there has been an exodus of business units from banks and asset managers to Ireland to ensure access to the EU's Single Market, particularly in areas such as funds, where EU rules enable "passporting." A number of firms have created EU subsidiaries in Dublin and other parts of Ireland.

For years, Ireland has also benefited from one of the developed world's lowest corporate tax rates – currently in the low single-digits – although moves by US President Joe Biden to call for a global floor of 15 per cent mean that Ireland will have to hike it. See more about Ireland and its investment prospects.

“Terri’s exceptional leadership skills, extensive knowledge of the Irish market and deep-rooted expertise in the finance industry align perfectly with our commitment to delivering unparalleled value to our clients and stakeholders,” Coulter said.

State Street is a large provider of fund administration and custody services in Ireland, with $1.7 trillion in assets serviced across all asset classes, managed by investment management firms and financial companies. It also has $40 trillion in assets under custody and/or administration and $3.7 trillion in assets under management, operating globally in more than 100 markets.