US financial services software firm Fi-Tek is to create 50 new jobs over the next five years in Dublin.

The company is setting up a European headquarters and customer support operation. The jobs will be in hedge fund administration. IDA Ireland is backing the investment.

Fi-Tek's European headquarters will provide customer support for the HedgeTek software product, which is used by hedge fund administrators, accounting firms and fund managers.

'Ireland's pro-business environment, availability of highly skilled personnel, the presence of many of our clients and working with IDA Ireland were the key reasons Ireland was chosen as the location for our European headquarters,' said Fi-Tek Ireland's managing director Peter Marshall.

Enterprise, Trade & Innovation Minister Batt O'Keeffe said the decision showed that Dublin could outperform rival locations for investments in financial services.

Meanwhile, Taoiseach Brian Cowen has officially opened Japanese pharmaceutical equipment company Freund Pharmatec's new European Hub in Tullamore, Co Offaly. It is creating 25 new jobs.

Freund announced its decision to locate in Ireland in January.