The new office of BISYS Hedge Fund Services in Waterford in the south east of Ireland was officially opened by Irish Minister for Transport Martin Cullen TD last week.
The new venture, which has been established with support from IDA Ireland, the Irish government's investment promotion agency, will provide services to the hedge funds industry internationally, concentrating on the provision of fund accounting services.
The company will create about 250 highly-skilled jobs in the city of Waterford over the next five years, adding to a growing list of international financial services firms which are looking beyond the confines of Dublin, traditionally the financial hub of Ireland, to locate operations in provincial cities.
In welcoming BISYS, Minister Cullen, who opened the new office on behalf of the Minister for Enterprise, Trade and Employment Micheál Martin commented that:
“This is a very significant investment for Waterford as it is a real example of the type of highly skilled, knowledge based activities we are seeking to attract to Ireland. We are seeing a growth in this type of investment throughout Ireland, which will ensure that highly skilled graduates such as those from the Waterford Institute of Technology will be able to continue to work and live in that region. BISYS joins a growing list of international financial services companies in the South East region and their presence will only serve to attract more investment of this calibre to the area.”
The new Waterford office will report to 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”, stated 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 for this activity”, he added.
BISYS also employs over 400 people in its Dublin operation, which provides administration services to an international client base. Its alternative investment business has over $200 billion in assets under administration, with the Dublin operation contributing $US38 billion of this total.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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