State Street has named Tadhg Young, who has been with the company for over a decade, as its next country head for Ireland, where the US financial services group employs more than 2,500 people.

Mr Young succeeds Susan Dargan in the role as she prepares to step down to “to pursue personal interests”, the company said.

The planned departure of Ms Dargan had been signalled earlier this year and her additional role as co-head of global services for the Europe, Middle East and Africa (Emea) region is set to be filled by company insider Mike Fontaine, who has relocated to Dublin from group headquarters in Boston.

Having entered the Irish market in 1996, State Street has gone on to become one of the largest international financial services employers in Ireland, mainly specialising in back-office services for funds, with offices in Dublin, Drogheda, Kilkenny and Naas. It is the largest provider of fund administration services across both Irish-domiciled and non-domiciled funds.

In 2010, the US group acquired Bank of Ireland Asset Management for €57 million and folded the business into State Street Global Advisers (SSGA). Dublin counts as one of SSGA’s nine investment centres, with this part of the business led by Ann Prendergast.

Mr Young joined State Street in 2007 and was appointed head of its global services business in Ireland in 2016. He previously held a number of senior management roles with Allianz Global Investors Ireland and with Dresdner Bank in this country.