Willis Towers Watson, a global professional services group which spans insurance broking to HR consultancy, plans to create 40 jobs in asset management services in Cork.

The group, whose Willis Ireland insurance and pensions consultancy employs some 600 people, said the new roles would be in areas like asset management operations, risk and data management, compliance and accounting “over the next few years”.

Towers Watson Investment Management Ireland, a subsidiary of the group, currently acts as an alternative investment funds manager in Ireland with assets under management of more than €6 billion.

"Ireland is the third largest fund centre in the world with €2 trillion of assets in Irish domiciled funds, and today's announcement by Willis Towers Watson is another example of the benefit of having a strong cluster of funds expertise in Cork, which can serve global clients," said Pat Lardner, chief executive of industry trade body Ireland Funds.