American brokerage firm Interactive Brokers Group has secured authorisation from the Central Bank of Ireland to set up its entity in Ireland.
The company said that it plans to significantly increase the staffing over the next year to cater to the growth of its European business.
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Interactive Brokers chairman Thomas Peterffy said: “We are expanding to Ireland partly due to Brexit and partly due to our plan of establishing subsidiaries around the world to support our rapid global growth.”
He added: “Client accounts have grown by more than 52% in a year.”
The company said that it was supported by IDA Ireland in setting up the Irish office.
IDA Ireland is a government agency that promotes Ireland for the opportunities it offers to international companies.
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By GlobalDataInteractive Brokers’ move to launch the Ireland entity follows the opening of its offices in Singapore and Hungary this year.
The firm currently has 11 entities in the US, Ireland, Australia, Canada, Hong Kong, Hungary, India, Japan, Luxembourg, Singapore, and the UK.
It employs 2,000 people globally and serves over one million client accounts in over 220 countries and territories.
Interactive Brokers has over $8.9bn in equity capital, $25bn market capital, and $284bn in client equity.
It allows its clients to invest in multiple asset classes, including in stocks, options, futures, currencies, bonds, and funds, in 135 markets in 33 countries using a single Integrated Investment Account.
In July last year, British wealth manager Charles Stanley expanded into Northern Ireland by launching an office in Belfast.
FundRock, an alternative investment fund manager, launched an office in the Irish city of Limerick the same year.
