One of the world's leading hedge fund operations yesterday announced it was expanding its Irish operations with a new office in Drogheda, helping to create 235 jobs.
International Fund Services hopes to attract skilled employees who currently have to commute to work in Dublin city centre.
The chief executive of the company, Mary Murphy, said with the help of the IDA it would be creating 235 "high quality jobs" in Drogheda mainly for third level graduates over the next five years.
The company currently employs 600 people between its existing Irish operations in Dublin and Naas.
It is a leading provider of a full range of administration, trade support and risk services to the hedge fund industry and currently services approximately 10 percent of the hedge fund industry worldwide and administers $120 billion (€99.61 billion ) US in hedge fund assets.
Ms Murphy said: "We will be opening in Drogheda with forty people (employed) already and that is an indication of the interest without us ever advertising or going outside of our firm.,"she said. "You can see coming into Drogheda that there is infrastructure here and there are people locating here who are perhaps commuting into the city on a daily basis.
"We hope to catch that reverse-commuting public, improve their quality of life and introduce longevity of career into the financial services industry which is known for a turn-over of people".
The hedge fund company will be locating in the recently constructed IDA business park which is adjacent to the M1 motorway.
Making the announcement the Minister for Enterprise, Trade and Employment Micheál Martin said, "This 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 director for the north east, Pat Doherty, said: "This is great news for Drogheda from a sector that hasn't been in the town prior to now and we hope to build on this success and to encourage development here in the future."
