Tullett Prebon announces that it is establishing a new technology centre in Belfast, Northern Ireland which will serve as a global hub for the Group’s IT operations. Investment in technology is a key pillar of Tullett Prebon’s strategy.
The new Belfast centre will provide development and technical support for the Group’s global business. It will increase IT capacity, accelerate the introduction of new products to market, boost innovation and improve cost efficiency. When fully operational during 2019, Tullett Prebon expects 300 employees to be located in the Belfast centre, with initial recruitment starting later this year.
The development is backed by the regional development agency, Invest Northern Ireland. Tullett Prebon will incur a net cash outflow for the set-up costs of the Belfast centre of no more than £6m, of which £2m will fall in the current financial year. It anticipates annual savings of around £5m per annum when the centre is fully operational. This is based solely on the current Tullett Prebon IT footprint. 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.
Commenting on today’s announcement, John Phizackerley, Chief Executive of Tullett Prebon, said:
“I am very pleased to announce the establishment of our new technology centre in Northern Ireland. The combination of a highly educated workforce, attractive business environment and great infrastructure, underpinned by the support of local government and Invest Northern Ireland, is a highly compelling proposition and made Belfast the standout choice for us. Our new Belfast centre will play a pivotal role in the delivery of our global technology strategy. It will transform the way our IT teams collaborate across our business and with outside partners, and help the Group deliver key goals.”