Belfast Telegraph

Jobs boost for financial sector

Ireland's financial services sector has been given a much-needed boost with the announcement of 50 jobs.

US-based software firm Fi-Tek revealed the positions will be created over the next five years at its new European headquarters and customer support operation in Dublin.

Meanwhile Taoiseach Brian Cowen officially opened a Japanese pharmaceutical equipment company in his home county, creating 25 jobs.

He said Freund Pharmatec's new European hub, in Tullamore, Co Offaly, shows Ireland is open for business for foreign investment.

Mr Cowen said: "Freund will be recruiting for high value positions in the Midlands region and as a regional hub, with a skilled and educated workforce, we can ensure the corporation will find the best possible candidates to fill these roles here, in keeping with Ireland's Smart Economy reputation."

Elsewhere, Enterprise Minister Batt O'Keeffe said Fi-Tek's investment and jobs - in hedge fund administration - are significant for Ireland's financial services sector. The firm supplies products and services for the alternative investments, trust, asset servicing and securities processing industries.

Mr O'Keeffe said: "Ireland is the largest hedge fund administration centre in the world, with almost half of all global alternative investment funds operated from here. Fi-Tek's decision to establish a European headquarters in Dublin shows we can out-perform rival locations for major global investments in the financial services sector."

Its European headquarters will provide client support for the HedgeTek software product which is used by leading hedge fund administrators, accounting firms and fund managers.

Subir Chatterjee, Fi-Tek founder and chief executive, said: "Dublin has become a centre of expertise for hedge fund administration globally and our intention is to make Fi-Tek Dublin a centre of excellence for us as well."

Both investments were supported by the Government through IDA Ireland.

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