An international financial services company is to expand its operation in Shannon, Co Clare with 45 new jobs.

IQ-EQ has announced plans to expand its Irish operations with the launch of a dedicated funds business in Ireland.

The 45 new jobs at the Shannon facility include roles in fund accounting, transfer agency and support functions.

The company has  a 135-strong workforce in Northern Ireland and it has been active in Ireland for over 30 years, providing corporate administration and structured finance solutions from its offices in Dublin and Shannon.

Commenting on the launch, Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, said: "I'm pleased to see that IQ-EQ is expanding in Shannon by creating 45 new jobs over the next five years.

"IQ-EQ has been long established in Ireland and the company's launch of a dedicated Funds business here demonstrates its continued commitment to Ireland. I wish the team all the best with their expansion plans."

IQ-EQ's Managing Director for Ireland, Joanne McEnteggart, added: "This is an important milestone not only for the Ireland team but for the Group as a whole as it takes us one step closer to achieving our strategic objective of becoming the most complete independent provider to alternative asset managers globally.

"We very much welcome the support of IDA Ireland in facilitating us in bringing our funds expertise, reputation for high quality service and focus on technology to the Irish funds industry."