US financial solutions provider Fi-Tek is to establish its European headquarters in Dublin, which should create 50 jobs over five years.
Fi-Tek develops and provides specialised software products and solutions for the alternative investments, trust, asset servicing and securities processing industries.
The company’s HedgeTek product is used by many of the leading hedge fund administrators, accounting firms and fund managers responsible for more than 3,500 funds with more than $400bn in assets under management. HedgeTek is a fully integrated book and tax allocation platform for hedge funds, covering both partnerships and unitised funds.
IDA Ireland worked closely with the company to secure this investment for Ireland. Announcing the new jobs, Minister for Enterprise, Trade and Innovation Batt O’Keeffe TD described the investment as significant for Ireland’s financial services sector.
“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. More than half the world’s leading financial services firms now have operations in Ireland.”
Peter Marshall, managing director, Fi-Tek Ireland, said Ireland’s pro-business environment, availability of highly skilled personnel, the presence of many of its clients, and working with IDA were the key reasons Ireland was chosen as the location for its European headquarters.
“Fi-Tek Ireland has just gone live implementing HedgeTek with two leading global banks in Dublin,” said Subir Chatterjee, Fi-Tek founder and CEO. “Dublin has become a centre of expertise for hedge fund administration globally, and our intent is to make Fi-Tek Dublin a centre of excellence for us, as well.”
Article courtesy of Businessandleadership.com