100 jobs created at financial firm
Published 29/11/2012 | 10:12
A financial services firm has announced plans to create 100 jobs.
Clearstream, which provides post-trade services in the financial services sector, is to establish an operational centre to support investment processing into hedge funds in Dublin. Fifteen of the posts have already been filled.
The firm is a subsidiary of the Deutsche Borse AG, which is one of the largest exchange organisations in the world.
Finance Minister Michael Noonan said the financial services sector is a key driver of jobs in Ireland.
"I am delighted that Clearstream has taken the decision to establish an operation centre for servicing the investments into hedge funds in Dublin, with the potential for more than 100 jobs," he said.
"Ireland is a global hub for the funds industry and today's announcement further enhances the range of services and companies located in Dublin."
Clearstream in Dublin will focus on providing its Vestima investment fund services offering to the hedge fund industry and in particular connect with buyers and sellers of hedge funds, process trade orders and undertake settlement.
Jeffrey Tessler, chief executive of Clearstream, said Ireland was selected for the investment because of its excellent reputation as a domicile and servicing centre for the hedge funds industry, on top of the excellent talent pool. The move was supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland.
"Clearstream in Dublin will be at the centre of the funds sector in Ireland allowing us to build relationships with hedge fund promoters, distributors and administrators," said Mr Tessler. "Our aim is to grow our Dublin franchise over time, thus creating new jobs in Ireland."
The Irish Stock Exchange is using Deutsche Borse's cash market trading technology Xetra.