IRISH-OWNED hedge administration company Quintillion made a profit of $2.2 million (€1.61 million) in the year to the end of June, accounts filed at the Companies Office show.

Assets under administration at the company, based at the International Financial Services Centre in Dublin, have exceeded $9 billion in recent months, according to Quintillion chief executive Joan Kehoe.

As of June 30th, the assets under administration stood at $8.5 billion, up substantially on a year earlier, when the figure stood at $5.5 billion.

Profits also increased on the year before, when the firm earned $800,000, while revenues rose from $8.1 million in the year to the end of 2010 to $10.3 million in the most recent 12-month period.

“We are pretty happy with the growth rates,” said Ms Kehoe. “Ireland has established itself really in the fund administration space.”

Quintillion is one of the few majority Irish-controlled companies in the sector, with 75 per cent of the company owned by its staff and management. The remaining 25 per cent was held by the US investment bank Bear Stearns.

Following its collapse and sale in 2008, that stake is now held by JP Morgan. Quintillion was unaffected by the demise of Bear Stearns.

Abridged accounts for Quintillion Ltd show it has accumulated losses of around $6.6 million in its profit and loss account, having narrowed the accumulated losses from $8.8 million a year earlier. There is a surplus of $2 million in shareholders’ funds at the company, while it had almost $5.3 million in cash.

Quintillion was founded in 2006 by Ms Kehoe and a clutch of other managers. It now has 48 staff, up from 39 last year.

Ms Kehoe described Quintillion’s expansion as “a good news story” and said the company was going “from strength to strength”.