Aberdeen Standard Investments (ASI) will establish an investment and distribution business in Dublin, subject to regulatory approval, following the United Kingdom's decision to leave the European Union.

The global asset manager, which already has a presence in Dublin, said on Monday that fewer than 20 jobs would be needed to service the new unit which will be one of its “key European hubs”.

"The Dublin-based hub will complement ASI's Luxembourg operation which manages over 100 funds that are marketed across Europe and in many parts of Asia and the Americas," it said in a statement .

The company's current head of regional management across Europe, the Middle East and Africa, Victoria Brown, will head up the new entity. Ms Brown will work alongside Jennifer Richards who joined the group in 2004 to lead the Irish distribution team.

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Great win

Minister for Business Heather Humphreys said: "This is a great win for Ireland as we seek to deepen and expand the range of financial services companies who are investing here. Ireland is now a major player and a very attractive location for financial services companies from all over the world."

Gary Marshall of Aberdeen Standard Investments said the establishment of a Dublin base forms part of the company's global strategy of "deepening our local footprint in the regions around the world in which we operate".

“The Irish hub, which will contract directly with European clients and oversee our European branches, complements our Luxembourg hub which manages funds across Europe. These two businesses, working together and with our German business based in Frankfurt will ensure that we continue to meet the needs of our customers and clients across Europe, after the UK leaves the European Union,” he said.

IDA Ireland chief executive Martin Shanahan said the decision by ASI represents a "notable endorsement for the investment fund industries here".

He said Ireland was a serious player and an attractive location for financial companies and remains one of the “leading countries in the world in which to do business”.