Fidelity International, the giant fund management group, is expected to tell UK staff on Friday that a significant number of jobs at its current operation in Surrey are to move to Dublin. The company signed two leases earlier this year to rent more than 6,000sq m in George's Quay House in Dublin 2.

While the development comes in the immediate wake of the UK vote to leave the EU, sources say that the move relates to the earlier decision to rent the city-centre space in Dublin and is thus not directly related to the Brexit vote. A Fidelity spokesperson also told Sky News that its presence in a country “ has not been driven by EU membership” and that it will continue to invest in the UK as well.

Administration

The jobs being moved are believed to be in the area of fund administration, a fast-growing area in Dublin in recent years. UK reports said that 100 jobs may be involved in the initial move, though the scale of the space being taken by Fidelity here suggests that their plans involve employing several hundred people in Dublin 2

In January, as reported in the Irish Times, Fidelity International signed two leases to rent 6,317sq m (68,000sq ft) in the high-profile George's Quay House in Dublin 2, opposite the Custom House. Both leases will be at a rent of €527 a square metre (€49 a square foot). The building is owned by Green Reit, who acquired it from the Cosgrave Property Group in June 2014.

Fidelity Investments, a sister company of Fidelity International , has been in Ireland since 1996 and has employees engaged in technology and business operations in both Citywest in Dublin and in Galway, expanding strongly in recent years.

While the Fidelity move is not directly linked to Brexit, there is speculation that a significant number of fund administration jobs could move here in the years ahead. This is likely to involve initially a redomiciling of funds to Ireland, following by a gradual move of operations, a process likely to take some time.