The new International Fund Services (Ireland) office in Naas, Co Kildare, was formally opened today. The office is the second operation for IFS in Ireland and will employ up to 240 by the end of next year.
IFS provides a range of administration, trade support and risk services to the hedge fund industry and it already employs over 550 people in Dublin's IFSC. Worldwide it has a workforce of 1,000 - in Dublin, New York, London and the Cayman Islands. It has a market share of about 15% of the hedge fund industry worldwide.
Located in Millennium Park, the new Naas facility is on target to employ 140 people by the end of the year and 240 by the end of 2006. All staff recruited will be third level graduates.
'This is a very significant development as it marks further movement of international financial services beyond the IFSC and Dublin,' commented the Minister for Enterprise, Trade and Employment at today's official launch.
'Ireland has become widely acknowledged by the funds industry as a leading location for the administration of hedge funds, not just for Europe but for the industry globally,' Minister Micheal Martin said.
'This expansion illustrates that Ireland is providing the right business setting for attracting knowledge based international activities,' he added.
