IFS - to grow its Hedge Funds in Drogheda

"New Investment will create 230 High Quality Jobs" - Minister Martin

Minister for Enterprise, Trade and Employment Micheál Martin TD today (Thursday 29^th September 2005) announced that International Fund Services (IFS), a leading provider of fund accounting and administration services to the Hedge Fund industry globally, is to establish a Hedge Fund administration operation in Drogheda, Co. Louth, with the support of IDA Ireland.

Minister Martin making the announcement in Drogheda said, "This will be the third Irish operation for IFS and will create 230 high quality jobs for mainly third level graduates. Just four months ago, I had the pleasure of officially opening a new 140 person operation for IFS in Naas, Co. Kildare, which is growing rapidly. Ireland has become widely acknowledged by the funds industry as a leading location for the administration of hedge funds, both for Europe and for the industry globally.

"Today's announcement illustrates again that towns with the necessary skills, infrastructure and services can compete effectively with larger centres to attract high-level knowledge-driven activities. IDA Ireland is committed to regional development as a core part of its strategy and this immediate expansion from a global leader like IFS will be a significant addition to the North East region," Minister Martin added

IFS is the leading provider of a full range of administration, trade support and risk services to the hedge fund industry. It currently services approximately 10% of the hedge fund industry worldwide and administers US$120 billion in hedge fund assets. The company established their first Irish operation, International Fund Services (Ireland) Ltd, in Dublin in 1995 and has since become the largest hedge fund administrator in Ireland employing 600 people. Its second fund operation in Naas, Co. Kildare, is developing at a fast pace since its successful start-up in 2004.

The new centre for Drogheda will primarily provide fund accounting and fund administration services to hedge funds established by IFS' third party clients and will create 235 jobs over the next five years.

Mary Murphy, Managing Director of IFS said; "IFS is strongly committed to Ireland as its main operating hub and sees significant potential to grow its operations here. The group's positive experiences to-date in Dublin and also in Naas have been a major factor behind this "satellite" strategy for growing the group's Irish operations."