Investment firm to set up technology centre in Cardiff

London-based investment firm Downing LLP is planning to open a technology centre in Cardiff in order to expand its IT support capabilities.

The company is to lease office space at Park Place, which will be home to a team of developers, customer service operators and IT operational staff. It’s set to open in July.

In Cardiff, Downing currently has ten people working from a small rented office, but it’s looking to expand this number to 25 in the coming years.

Tony McGing, CEO of Downing, said the company came to the decision to move to Cardiff because it’s a booming technology centre with access to great talent.

“This is a significant investment for Downing as we bolster our technical development capability and grow our business,” he said.

“The team will be supporting Downing’s IT and digital strategy which requires an innovative and entrepreneurial approach.

“We have chosen Cardiff as the location due to its reputation as home to great technical talent, clearly evidenced by the number of fintech companies already based in the city.”

Downing LLP handles more than £1 billion of funds for clients and has worked with over 35,000 investors over the past 30 years.

It specialises in helping UK businesses grow by putting their money into venture capital trusts, enterprise investment schemes, inheritance tax products and individual savings accounts.

Kyle Augustin, chief technology officer of Downing, added: “Our aim in creating the new tech hub is to utilise technology more than we currently do to support the growth of the business.

“While we already employ a number of highly experienced individuals, Cardiff is a hotbed of technical talent and is relatively close to a number of universities.

“Importantly, it’s also easy to travel to and from London when necessary. The city has a great feel to it and we want to create an office environment that people enjoy coming to and where they can flourish and develop their talent.”