Employment 'Hedged' In US-Dublin Move

An American firm is to create 50 jobs in hedge fund administration in Dublin.

The Minister for Enterprise, Trade and Innovation, Batt O'Keeffe announced the new jobs in a financial services software firm that will be created over the next five years.

US-based Fi-Tek is establishing its European headquarters and customer support operation in the Irish capital to provide client support for the HedgeTek software product which is used by leading hedge fund administrators, accounting firms and fund managers.

The investment is being supported by the Government through IDA Ireland.

Fi-Tek supplies products and services for the alternative investments, trust, asset servicing and securities processing industries.

Minister O'Keeffe described the investment as significant for Ireland’s financial services sector: "Ireland is the largest hedge fund administration centre in the world with almost half of all global alternative investment funds operated from here.

"Fi-Tek's decision to establish a European headquarters in Dublin shows we can out-perform rival locations for major global investments in the financial services sector.

"More than half the world's leading financial services firms now have operations in Ireland," he continued.

The Managing Director of Fi-Tek Ireland, Peter Marshall, said: "We are very happy to establish this important part of our international business in Dublin.

"Ireland's pro-business environment, availability of highly skilled personnel, the presence of many of our clients and working with IDA Ireland were the key reasons Ireland was chosen as the location for our European headquarters."

The Chief Executive of IDA Ireland, Barry O'Leary, also welcomed the announcement: "Fi-Tek adds to Ireland's growing reputation for financial services technology which is a key target for IDA Ireland.

"We look forward to working closely with the company as it develops its international presence in Ireland over time."

(BMcC/KMcA)