Minister O’Keeffe announces 50 jobs in financial services software firm

17 September 2010

The Minister for Enterprise, Trade and Innovation, Batt O’Keeffe TD, today [Friday] announced 50 new jobs in a financial services software firm.

US-based Fi-Tek is establishing a European headquarters and customer support operation in Dublin.

The firm will create 50 jobs over the next five years in hedge fund administration.

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

The investment is supported by the Government through IDA Ireland.

Fi-Tek supplies products and services for the alternative investments, trust, asset servicing and securities processing industries.

Announcing the new jobs, Minister O’Keeffe described the investment as significant for Ireland’s financial services sector.

‘Ireland is the largest hedge fund administration centre in the world with almost half of all global alternative investment funds operated from here.

‘Fi-Tek’s decision to establish a European headquarters in Dublin shows we can out-perform rival locations for major global investments in the financial services sector.

‘More than half the world’s leading financial services firms now have operations in Ireland,’ said Minister O’Keeffe.

The managing director of Fi-Tek Ireland, Peter Marshall, said: ‘We are very happy to establish this important part of our international business in Dublin.

‘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.’

The chief executive of IDA Ireland, Barry O’Leary, welcomed the announcement.

‘Fi-Tek adds to Ireland’s growing reputation for financial services technology which is a key target for IDA Ireland.

‘We look forward to working closely with the company as it develops its international presence in Ireland over time,’ said Mr O’Leary.

The founder and chief executive of Fi-Tek, Subir Chatterjee, said: ‘Fi-Tek Ireland has just gone live implementing HedgeTek with two leading global banks in Dublin.

‘Dublin has become a centre of expertise for hedge fund administration globally and our intention is to make Fi-Tek Dublin a centre of excellence for us as well.’

ENDS/ETI2277

See www.fi-tek.com for information on Fi-Tek.

For recruitment information, contact Peter Marshall, Managing Director, Fi-Tek Ireland, on 01 640 1947 or pmarshall@fi-tek.com

ENDS

For further information contact:

Bernard Mallee, Press Adviser to Minister Batt O'Keeffe, Department of Enterprise, Trade and Innovation, on Tel: +353 1 631 3944, Mobile: +353 87 9173022, Email: bernard.mallee@deti.ie