Northern Trust has consolidated its two fund administration offices in Dublin and plans to open another office in Limerick, where it will employ 300 or more executives.

The Limerick office, which it is opening in conjunction with government agency group  Industrial Development Agency of Ireland, will support mutual funds, alternative funds, hedge funds, private equity funds and common contractual funds around the world.

"We are making a multi-million Euro investment in a growth area of our business and anticipate that this will lead to the creation of up to 300 or more high-level jobs," said Vic Holmes, head of Northern Trust's offshore fund administration and managing director of Northern Trust (Ireland).

The firm currently employs more than 400 people in Ireland, more than double than at the start of 2005, as a result of the acquisition of Baring's financial services group last year. It currently administers more than 550 funds with $90 billion in assets.

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