BISYS To Locate New Hedge Fund Administration Office In Ireland

by Jason Gorringe, Tax-News.com, London

24 August 2005

International financial services firm BISYS has announced its decision to open a new hedge fund administration office in the South Eastern Irish city of Waterford.

The new venture, which is being 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.

“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," noted Minister for Enterprise, Trade & Employment Micheál Martin.

He added that:

“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 to the BISYS Dublin office, which employs around 400 people and handles fund accounting, shareholder services, corporate administration, and business development services for client companies worldwide.

“The decision to expand our Irish operation beyond Dublin was strongly influenced by our experiences to date in Ireland," observed 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," Mr Daly went on to explain.

BISYS’ alternative investment business has over $200 billion in assets under administration, with the Dublin operation contributing $38 billion of this total.

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