West Palm Beach (HedgeCo.Net)- At an event last week in Belfast, chief executive of the Bank of Ireland, Brian Goggin, announced plans to establish a specialist hedge fund administration business in Belfast that will create 149 new jobs in the region over the next five years.
“We are very excited about the prospect of creating a sizeable presence in Belfast servicing the international offshore hedge fund industry. We believe there is considerable potential for expansion in this market,†he added.
The Belfast office will become part of Bank of Ireland Securities Services (BOISS), the fund administration and custody arm of the Bank of Ireland Group.
Rapid growth in the hedge fund administration business has already helped create a boom in jobs and prosperity in Dublin. BOISS currently employs 370 people in Dublin’s International Financial Services Centre, but capacity constraints and staffing issues have forced administrators to look beyond the Irish capital in order to expand their businesses.
The emergence of a hedge fund administration scene in Belfast could provide a real boost for the Northern Irish economy, which has been resurgent since the restoration of devolution earlier this year.
Alex Akesson
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