Advisory firm Woodbrook Group has announced plans to set up a life assurance company in Ireland, as part of a significant investment in the emerald isle.
Chief executive and founder Michael Doherty has confirmed that he is seeking to headquarter the Irish operation in the south-east of the country, “a region earmarked for significant growth over the next decade”.
The firm is also planning to set up a wealth management division in Ireland in early 2019.
Woodbrook is currently in talks with a number of small brokerages with a view to rebranding and incorporating them into the insurance entity.
In addition to the planned €100m (£89.7m, $113m) investment, Irishman Doherty says that over 1,500 jobs could be created in the next four years, with an initial tranche of 500 employees set to join in 2019.
Doherty, who was included in International Adviser’s IA 100 list of the most influential figures in the industry, said the initial discussions with relevant local stakeholders have been “extremely positive”.
A few potential sites for the business have been identified.
The news follows Woodbrook’s recent announcement that it is undertaking a reverse initial public offering in order to be listed on the Nasdaq.
Doherty has stated that his goal is to make Woodbrook one of the top five financial brokerages and corporate services companies in the world.