The expected departure of the UK from the European Union is a factor behind moves to create the Irish operation, reports said.

Global asset management firm AllianceBernstein is looking to set up a broker-dealer operation in Dublin ahead of Brexit, according to the Irish Times.

The New-York based company is also looking to invest in its European trading operation and continue its expansion into Asia. The newswire said that the firm’s chief executive Seth Bernstein confirmed the story on a call with analysts last week.

This publication has contacted the firm to confirm the story, and will update in due course.

The uncertainty for the financial services sector surrounding Britain’s departure from the European Union has seen financial institutions consider how to adjust their European footprints. In November 2017, WealthBriefing reported that Goldman Sachs had announced that it will have hubs in Frankfurt and Paris after Brexit. However, this month, this publication reported that US banking giant Citigroup, which has a private banking segment, will set up an innovation centre in London, despite Brexit. 

One of the larger investment names, AllianceBernstein has more than $500 billion assets under management and operates in 22 countries.