BISYS To Establish 250 jobs in Waterford

Ireland's Minister for Enterprise, Trade & Employment Micheál Martin has confirmed that US financial services company BISYS Hedge Fund Services is to set up an operation in Waterford with the creation of 250 jobs over the next five years.

Part of BISYS Alternative Investment Services, the company will establish a new hedge funds operation in Waterford which has attracted support from IDA Ireland. The office will provide services to the hedge funds industry internationally, concentrating on the provision of fund accounting services.

"A cluster of companies in the international financial services area is beginning to take shape in the South East, and BISYS is a very welcome addition to this group," said Minister Martin.

"With financial services companies in Wexford, Kilkenny and Waterford, the South East region is quickly emerging as one of the preferred locations for the financial services industry outside of Dublin. Hedge fund administration is one of the fastest growing areas of financial services internationally. Attracting a company of the calibre of BISYS, a leading global hedge fund administrator, will strengthen Waterford and the South East’s position as a location of choice in the industry."

The new Waterford office will report into the BISYS Dublin office which handles fund accounting, shareholder services, corporate administration, and business development services to client companies worldwide.

All positions within BISYS have a high skill requirement with the majority of staff educated to third level standard.

"The decision to expand our Irish operation beyond Dublin was strongly influenced by our experiences to date in Ireland," said Ronan Daly, President of BISYS Hedge Fund Services. "Our Irish team has consistently demonstrated its ability to deliver world class standards of service to our clients. Ireland has been identified as the premier growth centre in the fund industry in Europe with 30% of worldwide hedge funds administered in Ireland. The experienced skill base and enabling infrastructure strengthens Ireland’s position as the leading choice in this activity," he added.

BISYS currently employs over 400 people in its Dublin operations, which provide administration services to an international client base.

(SP)