By HedgeServ, a top ranked and growing global hedge fund administrator, today [Friday] officially announced the opening of its second Irish operation in Cork. The company has had an operation in Dublin since 2008, at which it now employs over 380 employees, demonstrating an impressive growth trend since its incorporation.
HedgeServ has recently recruited over 50 positions in Cork and intends to employ over 200 people over several years at their state of the art facility in City Gate Park, Mahon, Co Cork.
The initiative is supported by the Department of Jobs, Enterprise, and Innovation through IDA Ireland.
HedgeServ's presence in Cork contributes to the development of financial services and enhances the profile of the Southern region as a location of choice for financial services activities.
Making the announcement Taoiseach Enda Kenny TD: "I am pleased to welcome HedgeServ's expansion into Cork where the addition of 150 new jobs will be a great boost for the local economy. The Government continues to have a relentless focus on jobs and is determined that 2014 will see us build on the 1,200 jobs a week being created in 2013. The international financial services sector is a key target for jobs growth in the Action Plan for Jobs and today's announcement is a positive sign of progress in this area. This is made possible by our best asset - our people - and I am delighted that we are seeing new opportunities in Cork for our talented, flexible workforce."
Jim Kelly CEO, Hedgeserv commenting on the announcement said "We are delighted with the results that HedgeServ is achieving in Cork. The Cork area is rich with highly educated, talented industry professionals. The quality of the talent available in Ireland has enabled HedgeServ to deliver the highest quality of service to our clients. This has been recognised in industry surveys and is the key to our rapid growth. IDA Ireland has provided a great support to us in assisting our business to grow in Ireland"
Welcoming the announcement Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: "International financial services plays a key part in the Government's Action Plan for Jobs, and since taking office we have seen significant jobs growth in this area. In 2011 Hedgeserv, a leading global company in this sector, announced the creation of over 300 jobs in Dublin. Today's announcement that HedgeServ is officially opening its operation in Cork, with the creation of 150 new jobs, is great news and comes on top of a great week for jobs in Cork. With strong implementation of our plan we can see further announcements like this in the coming months".
Barry O'Leary, CEO of IDA Ireland said "International Financial Services is a significant component of the IDA portfolio of FDI companies. A key aim of IDA's strategy, Horizon 2020, is to capitalise on employment-intensive services. The expansion by HedgeServ in Cork, as its second location in Ireland adds to the reputation of Ireland as a global hub for the hedge fund industry. The accelerated growth of the company's Irish operations proves Ireland's ability to provide the highly skilled employees they require for such rapid growth. I welcome HedgeServ's commitment to Ireland and wish them every success."
HedgeServ is a client service-driven global fund administrator with unique capabilities. HedgeServ currently services over $170 billion of assets under administration, with more than 500 professionals across its offices in New York, Dublin, London, Chicago, Boston, and Grand Cayman. HedgeServ delivers top-ranked fund administration, middle office services, integrated risk & portfolio management, regulatory & compliance reporting, tax support, and complete shadow accounting services to over 140 managers. HedgeServ supports all alternative investment strategies within hedge funds, funds of hedge funds, private equity funds, managed accounts and managed account platforms, UCITS funds, and other institutional investment programs such as pensions, endowments, and asset managers.
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