Tullett Prebon opens new tech centre in Belfast
John Phizackerley, Tullett Prebon
Inter-dealer money broker Tullett Prebon has opened a new tech centre in Belfast, Northern Ireland, to boost innovation and increase its IT capacity.
The centre will serve as a global hub for the group’s IT operations and is also designed to “accelerate the introduction of new products to market”.
It is expected to be fully operational in 2019, and Tullett Prebon anticipates 300 employees to be located there – with initial recruitment starting later this year. The development is backed by the regional development agency, Invest Northern Ireland.
John Phizackerley, chief executive of Tullett Prebon, says the combination of a “highly educated workforce, attractive business environment and great infrastructure, underpinned by the support of local government and Invest Northern Ireland” made Belfast the “standout choice”.
Tullett Prebon says it will incur a net cash outflow for the set-up costs of the Belfast centre of no more than £6 million, of which £2 million will fall in the current financial year. It anticipates annual savings of around £5 million per annum when the centre is fully operational.
It adds that the “potential for savings is greater when the impact of the acquisition of the ICAP Global Hybrid Voice Broking and Information business is taken into account”.
Tullett Prebon operates voice, hybrid, electronic, volume matching, algorithmic matching and risk mitigation platforms, and has offices in 24 countries.
