Northern Ireland steps up location marketing to UK financial services sector

Invest Northern Ireland is stepping up its marketing of the region as a location for financial services back office operations through the appointment of a specialist consultant to help raise the profile of the region’s key advantages for FS companies within the market in Gt. Britain.

The agency, which is responsible for economic development in Northern Ireland, has appointed former senior banker Mr Terry McCaughey to assist with targeting potential investors. Mr McCaughey, who retired from full time banking employment in 1999, is currently Chief Advisor to National Australia Bank on its securities strategies in Europe and to OMGEO Europe where he is assisting the senior management to position itself in the European pre-settlement market.

Northern Ireland boasts a growing cluster of FS companies who are benefiting from the region’s supply of qualified talent and its cost-effective operations base. Major banks and financial institutions such as Abbey National, Prudential, HBoS and National Australia Bank have back-office functions or software development operations in Northern Ireland, as have US blue-chip corporations such as Allstate and Liberty IT.

Colin Lewis, Director of International Sales and Marketing at Invest NI, said: “Northern Ireland is best placed to deliver a cost effective, efficient and high quality solution for financial institutions seeking to improve their competitive offering while keeping costs down.

“Mr McCaughey’s wide experience, including his 15 years with HSBC, gives him a unique insight into the sector’s requirements and will enable us to ensure we effectively target the key decision makers and influencers in the market segments most likely to benefit from locating in or outsourcing functions to Northern Ireland.”