US fintech company to create 19 jobs by setting up HQ in Belfast
A US financial technology firm is setting up in Belfast, creating nearly 20 new jobs, paying an average of £44,000.
Hanweck Associates, based in New York, has set up its European headquarters in the city.
The firm delivers risk analytics services for financial markets and will now be recruiting for 19 tech and business analyst roles in Belfast.
In June, the Belfast Telegraph revealed Hanweck's plans to invest in the province.
It had already opened an office in Belfast's Fountain Street and established a Northern Ireland company with directors Michael Hollingsworth and Gerald Hanweck. Its clients are high-end financial institutions, including banks, broker-dealers, portfolio managers, and stock exchanges. The expansion is supported by Invest NI.
Hanweck is following in the footsteps of Clarus Financial Technology, another financial technology firm which Invest NI last week announced was bringing 15 new jobs to Northern Ireland.
The sector's main growth is in software development centres which serve big-hitting financial services firms around the world.
Invest NI chief executive Alastair Hamilton said: "Fintech is an exciting niche in the financial services market and this announcement, the second by a financial technology firm this month, reinforces Belfast's position as the number one city globally for fintech investment.
"Northern Ireland's financial services sector is growing in confidence and investments such as this help to develop new capabilities and offer skills development and career progression opportunities for our local talent base.
"Once in place, these 19 positions will generate nearly £850,000 annually in additional salaries for the local economy."
Mr Hanweck, the company's founder and chief executive, said: "Belfast provides us with an excellent platform from which to service our customers and capitalise on the evolving market opportunities across Europe.
"Our new Belfast office will act as a research, development and support centre.
"It will augment our 'follow the sun' support model, and address the current and future demands of our growing set of customers around the globe.
"We chose Northern Ireland because of its skilled workforce, strong universities and research centres, high-tech infrastructure and competitive cost structure."
Northern Ireland has been building a reputation in financial technology since the early 2000s, when US fintech firm Wombat opened a development centre in the city.
That firm was later bought by NYSE Euronext.
Other firms in the sector with operations in Belfast include Fidessa and Citigroup.
But Northern Ireland's biggest triumph with fintechs is First Derivatives. It was set up in Newry by Brian Conlon and is still based in the city. It now employs 1,200 people globally.
Belfast has been described by Accenture as the number one destination globally for financial technology research and development investments.