Fidelity Investments To Establish R&D Centre In Galway

One of the world's largest providers of financial services is to set up a research and development operation in Galway, creating 49 jobs.

Fidelity Investments, one of the world’s largest financial services firms, is to establish a research and development function, which will be operated by Fidelity Technology Group (FTG) and is supported by IDA Ireland.

Fidelity first established a presence in Ireland in 1996 and since then has grown to approximately 300 people, with offices in Galway and Dublin.

The new R&D function is designed to help accommodate Fidelity’s continued growth in the area and demonstrates its ongoing commitment to Ireland.

Within three years, it is envisaged that Fidelity will have a team of 49 full time employees working in collaboration with 12 academics.

Minister for Enterprise, Trade and Employment Micheál Martin TD said: "This will be one of the largest R&D functions from a global financial company to be located in Ireland. It is strategically important for Fidelity and will further enhance its Irish operations. Fidelity’s decision to locate this project here will also be tremendously beneficial to the academic groups with which FTG Ireland intends to collaborate."

Minister Martin concluded: "This Fidelity investment is a significant increase in the benchmark by which other global financial companies can judge Ireland's abilities, particularly at regional locations, to successfully support next-generation R&D. It further demonstrates Ireland’s proven ability to provide knowledgeable and skilled graduates with financial and other disciplines."

Paul Murtagh, Managing Director, FTG Ireland said: "Fidelity is extremely excited to be expanding our presence in Ireland. With this new R&D function, Fidelity is well positioned to further expand its current operation in Galway and contribute to future technology projects. The quality of the Irish workforce, the success of our existing Irish operations and the world-class research carried out in the Irish universities were key factors in our decision to expand in Ireland."

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of more than US$3.2 trillion, including managed assets of US$1.5 trillion as of 30 June 2007.

(SB/SP)